Auto Loan Calculator
Calculate your monthly car payment
Enter values to see results
Fill in the form and click Calculate
How to Use This Calculator
Enter the vehicle price, your down payment, trade-in value (if any), interest rate, and loan term. The calculator will show your monthly payment, total interest paid, and the true cost of the vehicle over the life of the loan.
Car Buying Tips
- Get pre-approved: Know your rate before visiting dealers
- 20/4/10 rule: 20% down, 4-year term, 10% of income max
- Negotiate the price: Focus on total price, not monthly payment
- Consider total cost: Include insurance, maintenance, and fuel
- Check your credit: Better credit means better rates
Frequently Asked Questions
What is a good interest rate for a car loan?
As of 2024, good rates for new cars are around 5-7% and for used cars 7-10%, depending on your credit score. Excellent credit (750+) can qualify for rates below 5%. Always shop around for the best rate.
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 loan amount, monthly payment, and total interest paid.
Should I choose a longer or shorter loan term?
Shorter terms (36-48 months) have higher payments but less total interest. Longer terms (60-84 months) have lower payments but cost more overall. Try to choose the shortest term you can comfortably afford.
Is it better to finance through a dealer or bank?
Compare both options. Dealers may offer promotional rates but might include hidden fees. Banks and credit unions often have competitive rates and more transparent terms. Get pre-approved before shopping.