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Four factors that will determine your monthly payments

1. Amount of the loan - The car's purchase price and the financing charges for your loan will determine the amount of the loan. The smaller your loan amount the lower your monthly payments will be.
2. Down Payment - The money you pay up front toward the purchase price of a Make is your down payment. Often the value of your trade-in vehicle can be used as a down payment. The down payment can be cash or trade-in allowance, or both, and usually represents the difference between the loan and the purchase price.
3. Interest rate - Almost all auto loans carry fixed interest rates. The fixed interest rate is set in advance and remains the same throughout the loan. As a result, the monthly installment payments are the same each month. Lowering your fixed interest rate can yield lower monthly payments.
4. Length of the loan - Typical auto loan lengths have terms of 2, 3 or 4 years. In recent years some lenders have been offering longer terms in order to minimize monthly payments. Many lenders in State now offer 60-month (5 year) financing programs.