Auto Loan Calculator
Calculate car payments, check affordability, and compare loan terms.
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Know Your Payment Before the Dealership
Walking into a car dealership unprepared puts you at a disadvantage. Our Auto Loan Calculator helps you understand exactly what you can afford and what you'll pay—before you step foot on the lot.
Calculate monthly payments, check how much car fits your budget, or compare loan terms to find the sweet spot between affordable payments and total interest paid.
Three Powerful Modes
1. Monthly Payment Calculator
Enter vehicle price, down payment, trade-in value, interest rate, and loan term. Includes sales tax, dealer fees, and registration for a complete picture.
2. Affordability Calculator
How much car can you afford? Enter your monthly budget and down payment to find the maximum vehicle price that fits your finances.
3. Compare Loan Terms
See side-by-side how 24, 36, 48, 60, 72, and 84-month terms affect your monthly payment and total interest. Find the best balance.
All Features
Quick Reference: Interest Rates by Credit Score
| Credit Score | New Car | Used Car |
|---|---|---|
| Excellent (750+) | 3-5% | 4-6% |
| Good (700-749) | 5-7% | 6-8% |
| Fair (650-699) | 8-12% | 10-14% |
| Poor (<650) | 12-20% | 15-25% |
Frequently Asked Questions
How is a car loan payment calculated?
Monthly payment = [P × r × (1+r)^n] / [(1+r)^n - 1], where P = loan amount, r = monthly interest rate, n = number of payments. The loan amount is: vehicle price + taxes + fees - down payment - trade-in.
What is a good interest rate for a car loan?
Rates vary by credit score: Excellent (750+): 3-5%, Good (700-749): 5-8%, Fair (650-699): 8-12%, Poor (<650): 12-20%. New cars typically get 1-2% lower rates than used cars. Shop multiple lenders to find the best rate.
Should I choose a shorter or longer loan term?
Shorter terms (24-48 months) mean higher payments but save thousands in interest. Longer terms (60-84 months) have lower payments but cost more overall. A 72-month loan on $30K at 6% costs ~$2,600 more in interest than a 48-month loan.
How much should I put down on a car?
Aim for at least 20% down on new cars and 10% on used cars. This reduces your loan amount, lowers monthly payments, and helps avoid being 'underwater' (owing more than the car is worth) as the car depreciates.
How does trade-in affect my car loan?
Trade-in value is subtracted from the vehicle price before calculating your loan amount. In many states, you only pay sales tax on the difference (price minus trade-in), saving additional money. Our calculator handles this automatically.
What fees are included in a car purchase?
Common fees include: dealer documentation fee ($100-500), registration/title fees ($50-500), and sales tax (varies by state, 0-10%+). These add to your total loan amount if not paid upfront. Our calculator includes these costs.
How much car can I afford with my budget?
Use our Affordability mode. Enter your monthly budget, down payment, rate, and term. A general rule: your car payment should be 10-15% of take-home pay. With $500/month budget at 6% for 60 months, you can afford about $26,000.
Is 0% financing a good deal?
0% APR sounds great but often comes with trade-offs: no negotiating on price, shorter loan terms, or missing cash rebates. Compare the 0% offer to a discounted price with your own financing—sometimes the rebate saves more than the interest.
New car vs used car loan—what's the difference?
New car loans: lower rates (2-6%), longer terms available, higher loan amounts. Used car loans: higher rates (4-10%), often limited to 60-month terms, smaller loan amounts. A 3-year-old used car at a reasonable rate is often the best value.
Should I pay off my car loan early?
If your loan has no prepayment penalty, paying extra saves interest. Every extra $100/month on a $30K loan at 6% for 60 months saves ~$600 in interest and pays off 10 months early. Check your loan terms first.