Car Loan Calculator
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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Calculate Your Car Loan Payment
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.
Understanding Auto Loans
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]Why Use Our Car Loan Calculator?
Know Your Budget
Determine exactly how much car you can afford based on your desired monthly payment before visiting the dealership.
Compare Loan Terms
See how different loan lengths affect your payment and total interest. A shorter term saves money but increases monthly costs.
Factor in All Costs
Include sales tax, trade-in value, and dealer fees to get an accurate total cost, not just the sticker price.
How to Use This Calculator
When to Use This Calculator
Pre-Approval Planning
Calculate payments before getting pre-approved to know what loan amount to request from your bank or credit union.
Dealership Negotiations
Go to the dealer prepared with exact numbers so you can focus on negotiating the vehicle price, not monthly payments.
Refinancing Decision
Compare your current loan payments to potential refinanced rates to see if refinancing makes financial sense.
New vs Used Analysis
Compare the total cost of financing a new car versus a used car with different rates and terms.
Frequently Asked Questions
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.