1 6-year term on automobile loans only applies to loans for autos with MSRP or NADA Retail values greater than $20,000 and 7-year term on automobile loans only applies to loans for autos with MSRP or NADA Retail values greater than $35,000. For example, a loan amount of $20,000 over 60 months at an APR of 6.50% would yield a payment of $391.32.