Auto Loan Calculator
This calculator provides estimates for informational purposes only. Actual results may vary based on lender terms, fees, and tax situations. Consult a financial advisor for personalized advice.
| Term | Monthly | Interest | Total |
|---|---|---|---|
| 24 mo | $1,336.39 | $2,073.30 | $32,073.30 |
| 36 mo | $919.47 | $3,100.92 | $33,100.92 |
| 48 mo | $711.45 | $4,149.53 | $34,149.53 |
| 60 mo((selected)) | $586.98 | $5,219.07 | $35,219.07 |
| 72 mo | $504.30 | $6,309.45 | $36,309.45 |
| 84 mo | $445.48 | $7,420.58 | $37,420.58 |
Sources & Methodology
M = P[r(1+r)ⁿ] / [(1+r)ⁿ-1]Auto loan payment calculation
How to Use the Auto Loan Calculator
Estimate your monthly car payment before you visit the dealership. Enter the vehicle price, down payment, trade-in value, interest rate, and loan term to see your payment breakdown and total cost of financing.
Understanding Your Costs
- Principal: The actual amount you're borrowing
- Interest: The cost of borrowing money over time
- Total Cost: Principal plus all interest paid
Tips for Getting the Best Deal
- A larger down payment reduces your monthly payment and total interest
- Shorter loan terms (36-48 months) save money on interest
- Shop around for rates—credit unions often offer lower rates
- Get pre-approved before visiting the dealership
Don't Forget Additional Costs
Your total cost of ownership includes insurance, maintenance, fuel, registration, and taxes. Factor these into your budget when determining how much car you can afford.
Frequently Asked Questions
Keep car expenses (payment, insurance, gas, maintenance) under 15-20% of take-home pay. A $50,000 salary with $3,500/month take-home can afford about $500-700/month total car expenses, suggesting a vehicle price of $20,000-$30,000.
Good rates depend on credit score and loan term. Excellent credit (750+): 4-6%. Good credit (700-749): 6-9%. Fair credit (650-699): 9-13%. New cars typically have lower rates than used. Credit unions often offer better rates than dealers.
Longer terms (72-84 months) mean lower payments but much higher total interest and risk of being underwater. A $30,000 car at 7% costs $4,100 in interest over 4 years vs. $9,500 over 7 years. Keep terms at 60 months or less.
Aim for 20% down on new cars, 10% on used. This prevents being upside-down (owing more than car value), lowers monthly payments, and may qualify you for better rates. A larger down payment is always beneficial.
Leasing offers lower payments and new cars every 2-3 years but you build no equity. Buying costs more monthly but you own an asset. Buy if you drive over 15,000 miles/year, plan to keep cars long-term, or want no payment eventually.
Get pre-approved from your bank or credit union before visiting dealers. Dealer financing may beat your rate to make the sale, but knowing your rate gives negotiating power. Compare APR, not just monthly payments.
Stay Updated
Get new calculators and tips delivered to your inbox.