Best 72-Month Auto Loan Rates (2024) (2024)

Lending Partner

Loan Term

Min. APR

Min. Credit Score

Highlights

Refinance LoanBest 72-Month Auto Loan Rates (2024) (1)

Loan Term48-84Months

APR5.29%

Credit Score550

Highlights

  • Average monthly savings of $150
  • Work with a personal loan concierge to compare options
  • A+ BBB Rating

Refinance LoanBest 72-Month Auto Loan Rates (2024) (2)

Loan Term12-84 Months

APR5.24%

Credit Score620

Highlights

  • Save on average $1,200 a year

  • Skip 90 days of payments

  • Get qualified online in minutes

New Car LoanBest 72-Month Auto Loan Rates (2024) (3)

Loan Term12-84Months

APR0%

Credit Score300

Highlights

  • Rates as low as 0% on select cars, trucks and SUVs
  • Free Online Quotes – Get Your CarsDirect Target Price Today
  • Local dealers compete to provide the best rates for new vehicles

New or Used Car LoanBest 72-Month Auto Loan Rates (2024) (4)

Loan Term12-84Months

APR5.49%

Credit Score575

Highlights

  • Below-average credit scores accepted
  • Great interest rates
  • Smooth and easy online experience

Refinance LoanBest 72-Month Auto Loan Rates (2024) (5)

Loan Term24-84Months

APR5.61%

Credit Score510

Highlights

  • No application fee
  • Lending platform that partners with banks
  • Approval and loan terms based on many variables, including education and employment

All APR figures last updated on 3/16/2024 – please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.

Compare 72-Month Auto Loan Rates

To calculate our ratings for auto lenders, we compared them in these categories:

  • Reputation
  • Availability
  • Loan details
  • Annual percentage rates (APRs)
  • Customer experience

Our top pick is myAutoloan because it offers competitive rates for 72-month auto loans and can work with borrowers who have a variety of credit scores.

LenderStarting APRAwardOverall Rating
1. MyAutoloan5.20% for 72-month auto loansBest Low-Rate Option9.2
2. Autopay4.67%*Most Well-Rounded9.1
3. Consumers Credit Union6.39% for 72-month loansMost Flexible Terms9.1
4. PenFed Credit Union6.14% for 72-month loansMost Cohesive Process9
5. Bank of America6.19%*Top Choice for Bad Credit8.9

*Starting APR for all auto loans, not necessarily 72-month loans

Source: Automoblog

Best 72-Month Auto Loans

Next, we’ll take a closer look at each of our top five recommendations for 72-month auto loans.

#1 myAutoloan: Best Low-Rate Option

Starting APR: 5.20% for 72-month auto loans
Loan amounts: $8,000 minimum for purchase loans and $5,000 minimum for refinancing
Loan terms: 12 to 84 months
Availability: 48 contiguous states
Minimum credit score: 575

MyAutoloan tops our list because it offers low rates on 72-month auto loans for borrowers with the best credit and works with a good range of credit scores. However, the company’s services aren’t available to people in Alaska or Hawaii. MyAutoloan has an A+ rating and accreditation from the Better Business Bureau (BBB).

MyAutoloan offers 72-month terms on several types of auto loans:

  • New car loans
  • Used car loans
  • Refinance loans
  • Private-party loans
  • Lease buyouts

The company is an aggregator that works with a wide network of lending partners, from credit unions and banks to auto dealerships.

You can get up to four offers from one loan application and compare them at home. Once you get approved, you can walk into a dealership with your 72-month loan terms and bypass dealer financing if it isn’t a good deal.

#2 Autopay: Most Well-Rounded

Starting APR: 4.67%
Loan amounts: $2,500 to $100,000
Loan terms: 24 to 84 months
Availability: 50 states
Minimum credit score: 575

Autopay is another choice for good 72-month auto loan rates. The company offers terms between 24 and 84 months, and its rates start at 2.99% for borrowers with the best credit. Like myAutoloan, Autopay works with a large network of lenders. The company provides purchase loans, refinance loans, lease-buyout loans and cash-out refinancing.

Autopay has an A+ rating from the BBB. It also has a customer review rating of 4.5 out of 5.0 stars, which shows the majority of customers have positive experiences with the company. As you shop for 72-month auto loan rates, Autopay is a good option to have on your list.

#3 Consumers Credit Union: Most Flexible Terms

Starting APR: 6.39% for 72-month loans
Loan amounts: No minimum or maximum
Loan terms: Up to 84 months
Availability: 50 states
Minimum credit score: 640

You may have other credit unions in your area, but Consumers Credit Union is one you can join from anywhere. It offers terms up to 84 months long. The credit union’s rates for 72-month loans start at 5.64% for 2021 or newer vehicles, and its rates are higher for used vehicles and those older than the 2021 model year.

Consumers Credit Union has an A+ rating from the BBB and has been accredited since 2012. In addition to auto loans, it offers a car-buying service powered by TrueCar. You can shop models in your area and get member discounts off of the manufacturer’s suggested retail price (MSRP).

#4 PenFed Credit Union: Most Cohesive Process

Starting APR: 6.14% for 72-month loans
Loan amounts: $500 to $150,000
Loan terms: 36 to 84 months
Availability: 50 states
Minimum credit score: 610

PenFed Credit Union is another credit union that accepts members from across the country. Its 72-month auto loan rates start at 5.84%, but it offers discounted rates for using its car-buying service. With excellent credit, you could find a 72-month rate as low as 5.59% by using the car-buying service.

PenFed has an A+ rating from the BBB. However, the credit union does have a higher credit score requirement than some of the other options on our list, so fewer people will qualify. If you have a good or excellent credit score, we recommend adding PenFed to your list as you shop around.

#5 Bank of America: Top Choice for Bad Credit

Starting APR: 6.19%
Loan amounts: $7,500 ($8,000 in Minnesota)
Loan terms: 48, 60 or 72 months
Availability: 50 states
Minimum credit score: Not listed

Bank of America offers rates as low as 6.19% for its auto loans, though you may find higher rates for a 72-month car loan. With Bank of America, you get the security of a multinational organization with branches across the globe. Bank of America has an A- rating and accreditation from the BBB.

The bank offers car loans for dealerships as well as refinancing and lease-buyout loans. If you’re a member of its Preferred Rewards program, you could save up to 0.5% on your APR.

72 Month Auto Loan Calculator

Comparing 72-month auto loan terms to other loan options is important to see if it is worth the interest paid. To make the best decision, use an auto loan calculator to see your total cost for each loan option.

Auto Loan Calculator

New Loan

Refinance Loan

Purchase Loan Calculator

Price of the car you want

$

Down payment

$

Length of loan(months) 12

Annual interest rate

%

Your Credit Score

$ 0 /mo

Breakdown

Car price $ 0

Down payment $ 0

Length of loan (months) 0

Annual interest rate % 0

Total interest paid $ 0

Get Best Rates

$ 0 /mo

Breakdown

Loan Amount $ 0

Current Payment $ 0

New Payment $ 0

Monthly Savings $ 0

Total Savings $ 0

Refinance Calculator

Balance Left on Loan

$

Current Interest Rate

%

New Rate

%

Remaining Loan Terms in Months

New Loan Terms in Months 12

* The calculators used on this website are being provided for educational purposes only. Data will not be collected or stored. The results are estimates based on information you provide and may not reflect actual pricing of your quote.

Why Get a 72-Month Auto Loan?

The advantage of having a 72-month loan over a shorter loan is that your monthly car payment will be smaller. However, you’ll pay on the loan longer, and you’ll pay more interest in total. Some financial institutions offer interest rate discounts for making automatic payments or using their car buying services online.

When To Avoid a 72-Month Auto Loan

A 72-month auto loan isn’t always the best option. Compared to a 60-month loan, you’ll pay interest for another 12 months, which increases the overall cost of borrowing. A 72-month auto loan also puts you more at risk of being upside-down on the loan, which is owing more than your vehicle is worth. That becomes a problem if your car is totaled or if you want to sell or trade it in.

Comparing a 72-Month Loan vs. a 60-Month Loan

Below, we compare two loans — one for 60 months and the other for 72 months. Both have a loan amount of $20,000 and an interest rate of 5%. The 72-month loan costs over $500 more than the 60-month loan in the end. This difference would be more pronounced with a higher interest rate.

60-Month Auto Loan72-Month Auto Loan
Amount Financed$20,000$20,000
Interest Rate5%5%
Monthly Payment$377.42$322.10
Total Interest Paid$2,645.48$3,191.10
Total Loan Cost$22,645.48$23,191.10

If you want to save on the total you’ll pay for the loan, consider a 60-month loan instead.

Comparing 72-Month Loans With Different Interest Rates

Your interest rate can drastically affect how much you pay back with a 72-month auto loan. Below, we’ve compared the same loan terms with rates of 5%, 7% and 9%. For a $20,000 loan, someone with a 9% interest rate would pay almost $3,000 more than someone with a 5% interest rate.

5% APR7% APR9% APR
Amount Financed$20,000$20,000$20,000
Loan Term72 months72 months72 months
Monthly Payment$322.10$340.98$360.51
Total Interest Paid$3,191.10$4,550.57$5,956.77
Total Loan Cost$23,191.10$24,550.57$25,956.77

If you can only find interest rates of 9% or above, consider doing a shorter loan term if possible.

Try Improving Your Credit Score

Your credit score influences the auto loan rates you’re offered more than the length of the loan does. A person with an excellent credit score can get a low interest rate on a 72-month loan, while a person with a poor score would get a high interest rate even on a 48-month or 36-month loan. If you know you’re going to get a 72-month auto loan, consider taking a few months to improve your credit score first. Below we’ll breakdown the factors that impact your credit score:

TBest 72-Month Auto Loan Rates (2024) (6)

Increasing your credit score can be a huge undertaking, however, if you follow the 7 steps below, it can be made much easier.

Best 72-Month Auto Loan Rates (2024) (7)

72-Month Auto Loan Rates: Conclusion

Depending on your situation, a 72-month auto loan may be the best option. Use a car loan calculator to see what you’d pay per month and over the life of the loan. We recommend getting multiple 72-month vehicle loan preapprovals to find the best deal even if you plan to use dealership auto financing.

72-Month Auto Loans: FAQ

Below are some frequently asked questions about 72-month auto loans:

An interest rate under 5% is a great rate for a 72-month auto loan. However, the best loan offers are only available to borrowers who have the best credit scores and payment histories.

It’s smarter to do a 60-month or 48-month loan rather than a 72-month loan if you can. With a 72-month term, you’ll pay more in interest and may risk owing more than your car is worth if you didn’t provide a good down payment on the vehicle. That said, a 72-month loan is still a better option than an 84-month auto loan.

According to Experian’s State of the Automotive Finance Market report, the average APR for an auto loan was 5.16% for new vehicles and 9.34% for used vehicles in the third quarter of 2022. Anything below these averages is a great interest rate for an auto loan.

The federal funds effective rate increased by a combined 4.02% in 2022, and lenders look to this rate to set their own. The Federal Reserve is expected to continue raising interest rates in 2023, which would cause auto loan rates to increase as well.

Our Methodology

Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best auto loan companies. We collected data on dozens of loan providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the companies that scored the most points topping the list.

Here are the factors our ratings take into account:

  • Reputation: Our research team considered ratings from industry experts and each lender’s years in business when giving this score.
  • Rates: Auto loan providers with low APRs and high loan amounts scored highest in this category.
  • Availability: Companies that cover a variety of circumstances are more likely to meet consumer needs.
  • Customer experience: This score is based on customer satisfaction ratings and transparency. We also considered the responsiveness, friendliness and helpfulness of each warranty company’s customer service team based on our shopper analysis.

Our credentials:

  • 300+ hours researched
  • 25 companies reviewed
  • 2,000+ consumers surveyed

**Data accurate at time of publication.

Best 72-Month Auto Loan Rates (2024) (8)

Daniel RobinsonWriter

Daniel is a MarketWatch Guides team writer and has written for numerous automotive news sites and marketing firms across the U.S., U.K., and Australia, specializing in auto finance and car care topics. Daniel is a MarketWatch Guides team authority on auto insurance, loans, warranty options, auto services and more.

Best 72-Month Auto Loan Rates (2024) (9)

Rashawn MitchnerManaging Editor

Rashawn Mitchner is a MarketWatch Guides team editor with over 10 years of experience covering personal finance and insurance topics.

Best 72-Month Auto Loan Rates (2024) (2024)

FAQs

Will auto loan interest rates go down in 2024? ›

The lowest auto loan rate in 2023 was 6.15 percent for a four-year used car loan in mid-January. Bankrate's expert predicts five-year new car loan rates will reach an average of 7.0 percent and four-year used car loans, 7.5 percent by the end of 2024.

What is a good APR for a 72-month car loan? ›

Compare 72-Month Auto Loan Rates
LenderStarting APRAward
1. MyAutoloan5.20% for 72-month auto loansBest Low-Rate Option
2. Autopay4.67%*Most Well-Rounded
3. Consumers Credit Union6.39% for 72-month loansMost Flexible Terms
4. PenFed Credit Union6.14% for 72-month loansMost Cohesive Process
1 more row

Who is offering the best car loan rates? ›

Compare Car Loan Rates
Top Auto Loan LenderLowest APROur Award
PenFed Credit Union5.24%Best Credit Union Auto Loan
Auto Approve5.24%**Best Auto Refinance Rates
Consumers Credit Union6.54%Excellent Credit Union Auto Loan
Auto Credit ExpressVariesBest Auto Loan for Bad Credit
2 more rows

Why is a major downside of a 72-month loan? ›

Because of the high interest rates and risk of going upside down, most experts agree that a 72-month loan isn't an ideal choice. Experts recommend that borrowers take out a shorter loan.

Is 2024 a good time to buy a car? ›

Experts say that 2024 will be the best year to purchase a new car since 2019. As interest rates slowly drop throughout the remainder of the year, payments will become more manageable. Don't overlook manufacturer rate promotions, as they can save you thousands of dollars.

Should I buy a new car now or wait until 2024? ›

Ultimately, the best time to buy a car is when you need one. But if you can wait, you may be able to benefit from lower prices and interest rates in 2024. Just don't expect huge savings.

Is it smart to do a 72-month car loan? ›

Taking out a 72-month auto loan can make sense in some situations, but most financial experts don't consider it a good idea, generally speaking.

Can you negotiate APR on a car? ›

Yes, just like the price of the vehicle, the interest rate is negotiable. Dealers may not offer you the lowest rate that you qualify for.

What interest rate can I get with a 750 credit score for a car? ›

Average Auto Loan Rates in March 2024
Credit ScoreNew Car LoanRefinance Car Loan
750 or higher12.77%7.89%
700-74912.65%8.98%
600-69917.84%10.09%
451-59922.56%12.76%
1 more row

What interest rate can I get with a 800 credit score car loan? ›

Average Car Loan Interest Rates by Credit Score
Credit Score RangeNew Car Loan RatesUsed Car Loan Rates
781 to 8505.64%7.66%
661 to 7807.01%9.73%
601 to 6609.60%14.12%
501 to 60012.28%18.89%
1 more row

Who has the lowest car loan rates right now? ›

Summary: Best Car Loan Rates Of April 2024
CompanyForbes Advisor RatingMinimum rate
PenFed Credit Union4.7Starting at 5.24%
Consumers Credit Union4.2Starting at 6.54% (with autopay)
Digital Federal Credit Union (DCU)3.7Starting at 6.74% (with autopay)
USAA3.7Starting at 6.09% (with autopay)
3 more rows
Apr 1, 2024

Which bank has the lowest car loan interest rate? ›

I... Top Banks like Canara Bank, HDFC Bank, ICICI Bank, Punjab National Bank, and State Bank of India are providing the cheapest car loans. Canara Bank interest rates range from 8.80 percent to 11.95 percent. HDFC Bank car loans start from 8.75 percent.

What will interest rates drop to in 2024? ›

MBA: Rates Will Decline to 6.1% In its March Mortgage Finance Forecast, the Mortgage Bankers Association predicts that mortgage rates will fall from 6.8% in the first quarter of 2024 to 6.1% by the fourth quarter. The industry group expects rates will fall below the 6% threshold in the first quarter of 2025.

What will loan interest rates be in 2024? ›

30-year mortgage rates are currently expected to fall to somewhere between 6.1% and 6.4% in 2024. Instead of waiting for rates to drop, homebuyers should consider buying now and refinancing later to avoid increased competition next year.

What is the average interest rate on a car in 2024? ›

In April 2024, automotive site Edmunds.com listed the average car loan interest rate for March 2024 as 7.2% APR for new car loans and 11.9% APR for used car loans.

What is the interest prediction for 2024? ›

Many experts predict interest rates will remain at their current level for most of 2024. This may mean that mortgage rates stay at or about the same level as now for many months before possibly starting to fall towards the end of 2024.

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