With good credit, the monthly payment on a $70,000 new car loan over 72 months is $1,186.72 at 6.8% APR. Total interest: $15,444. Payoff date: January 2031.
New Car: Monthly Payment by Credit Score
Credit Tier
Rate (APR)
Monthly Payment
Total Interest
● Excellent (750+)
5.2%
$1,133.85
$11,637
● Good (700–749)
6.8%
$1,186.72
$15,444
● Fair (640–699)
10.5%
$1,314.53
$24,646
● Poor (below 640)
15.8%
$1,510.73
$38,773
New vs Used Car Rates (Good Credit)
Loan Type
Rate
Monthly Payment
Total Interest
New Car
6.8%
$1,186.72
$15,444
Used Car
9.2%
$1,268.75
$21,350
Payment by Loan Term (Good Credit, New Car)
Term
Monthly Payment
Total Interest
36 months
$2,155.00
$7,580
48 months
$1,669.75
$10,148
60 months
$1,379.49
$12,769
72 months current
$1,186.72
$15,444
84 months
$1,049.66
$18,171
How to Qualify for an Auto Loan
For a $70,000 auto loan, most lenders look for a minimum credit score of 580–620, though scores above 700 unlock the best new-car rates near 5.2%. Your debt-to-income ratio should be below 45%. New car loans typically carry lower rates than used — expect a 2.4% premium for used vehicles with good credit. Dealer financing and bank pre-approval are worth comparing before signing; credit unions often beat both on rate.