Auto Loan Calculator
Calculate your monthly car payment and total cost of an auto loan. Factor in your down payment, trade-in value, interest rate, and loan term.
How Is This Calculated?
Auto loan payments are calculated using the same amortization formula as mortgages. The loan amount equals the vehicle price minus your down payment and trade-in value. The monthly payment depends on the loan amount, interest rate, and term length.
Frequently Asked Questions
What is a good auto loan interest rate?
Auto loan rates depend on your credit score, loan term, and whether the car is new or used. Excellent credit (750+) typically qualifies for 3-5% on new cars. Used car rates are usually 1-2% higher.
Should I choose a longer or shorter loan term?
Shorter terms (36-48 months) have higher payments but save on interest. Longer terms (60-72 months) lower monthly payments but cost more overall. Avoid terms longer than 60 months if possible.
How much should I put down on a car?
Aim for at least 20% down on a new car and 10% on a used car. A larger down payment reduces your monthly payment and helps avoid being 'upside down' on the loan.