Calculate monthly car loan payments, total interest, and see a complete amortization schedule. Include trade-in value, sales tax, and fees.
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Planning to buy a new or used car? Our car loan calculator helps you understand exactly what your monthly payment will be, how much interest you'll pay over the life of the loan, and when you'll pay it off. Factor in your down payment, trade-in value, taxes, and fees for a complete picture.
A car loan (auto loan) is a secured loan used to purchase a vehicle. The car serves as collateral, which typically results in lower interest rates than unsecured loans. Loan terms usually range from 24 to 84 months, with longer terms meaning lower monthly payments but more total interest paid.
Monthly Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]Determine exactly how much car you can afford based on your desired monthly payment before visiting the dealership.
See how different loan lengths affect your payment and total interest. A shorter term saves money but increases monthly costs.
Include sales tax, trade-in value, and dealer fees to get an accurate total cost, not just the sticker price.
Calculate payments before getting pre-approved to know what loan amount to request from your bank or credit union.
Go to the dealer prepared with exact numbers so you can focus on negotiating the vehicle price, not monthly payments.
Compare your current loan payments to potential refinanced rates to see if refinancing makes financial sense.
Compare the total cost of financing a new car versus a used car with different rates and terms.
Rates vary based on credit score, loan term, and whether the car is new or used. As of 2024, excellent credit (750+) might get 5-7% for new cars, while average credit (650-699) might see 8-12%. Used car rates are typically 1-2% higher.