Is a 72- or 84-month loan a good idea?

It lowers the payment but you pay more interest and may owe more than the car is worth for longer. Compare the total interest figure.

Does this include insurance?

No. Insurance, maintenance and fuel are separate; use the cost of ownership calculator for the full picture.

Car Loan Calculator

See your monthly payment and how much interest you pay over the full term.

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Car loan formula

Monthly payment = P × r ÷ (1 − (1 + r)⁻ⁿ), where P is the amount financed, r the monthly interest rate (APR ÷ 12) and n the number of months. A longer term lowers the monthly payment but raises the total interest.

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FAQ

Is a 72- or 84-month loan a good idea?: It lowers the payment but you pay more interest and may owe more than the car is worth for longer. Compare the total interest figure.
Does this include insurance?: No. Insurance, maintenance and fuel are separate; use the cost of ownership calculator for the full picture.

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