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Thinking about 36 month auto loans? No doubt, 3 years is a relatively short time to pay off an auto loan.

Short-term auto loans enable you to pay off your car or truck faster, and you’ll pay less in terms of total interest. Having said that, the payments are much higher.

Longer auto loans split the amount borrowed into more, and consequently less expensive installments over a greater time period, yet this prolonged settlement length makes your car or truck cost a lot more by the time you you fully pay it off. Additionally, the consumer will probably be up against an “upside down” loan situation for a longer period of time.

Below, we have outlined the relative pros and cons. Keep in mind, a 3 year auto loan makes for quite a short-term payment term.

Longer Term

Shorter Term

  • Cheaper Monthly Payments

  • More Interest Paid

  • Worse Interest Rates

  • More Risk of Being Upside Down

  • Less Trade-in Value

  • Expensive Monthly Payments

  • Less Interest Paid

  • Better Interest Rates

  • Less Risk of Being Upside Down

  • Lower Depreciation

Want to get pre-approved for a 36 month auto loan? Click here to get started!

3 Year Car Loans: Payments

The annual percentage rate any 3 year auto loan differs according to your fico score, where you live, and your car finance company.

With that being said, we can show you a number of estimated payments and finance fees for 3 year car loans with 4.5%, 6%, 8%, 12%, and 20% rates of interest, coupled with a $20,000 loan amount.

Interest Rates

Payment / Month

Total Interest Paid

  • 4.5% APR

  • 6.0% APR

  • 8.0% APR

  • 12% APR

  • 20% APR

  • $595

  • $610

  • $625

  • $665

  • $745

  • $1,420

  • $1,900

  • $2,560

  • $3,915

  • $6,760

Clearly, the monthly installments on your 36 month car loan will be high, while the overall amount of interest paid will be low. The 36 month auto loan is a smart choice for consumers who would rather pay a lot per month than give their lender more money in the way of interest. Seem like a good option for your current needs? If yes, we make it easier to get approved for the 36 month auto loan you need – online!

Just Click Here to Apply!