Why are you comparing different loan terms? 60 month is standard. My rate for a used vehicle is 5.25%, I assume OP’s credit isn’t abominable so 11% isn’t real. Match the rates and terms, the payment is lower. Plus…. You can put the same money down on either purchase, lowering payments further. They are not the same monthly payments whatsoever.

5.25% here from local credit union.

I mean, interest rates are 7%, and you’re talking about buying a new $50k vehicle. For a 60 month loan, that’s entirely accurate. The answer is, buy gently used.

4 cyl Camry SE.