Auto Loan Calculator
Calculate monthly payments and total cost for your next vehicle purchase.
Vehicle & Loan Details
Enter your vehicle details and click Calculate
to see your monthly payment
Monthly Payment
Your estimated payment
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for 60 months
Amount Financed
What you're borrowing
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Total Interest
Cost of borrowing
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Cost Breakdown
Compare Loan Terms
See how different terms affect your payment and interest
Auto Loans
An auto loan lets you finance a vehicle purchase over time. Your monthly payment depends on the loan amount, interest rate, and term length. Shorter terms mean higher payments but less total interest paid.
How to Use
- 1 Enter the vehicle's purchase price.
- 2 Add your down payment and trade-in value (if any).
- 3 Enter the interest rate (check with your lender or bank).
- 4 Choose your loan term and add your local sales tax rate.
FAQ
How much should I put down?
Aim for at least 20% down. This helps you avoid being "upside down" (owing more than the car is worth), gets you better rates, and reduces your monthly payment.
What loan term should I choose?
Shorter terms (3-4 years) cost less in interest but have higher payments. Longer terms (6-7 years) lower your payment but you'll pay significantly more in interest. Choose the shortest term you can comfortably afford.
Should I get dealer or bank financing?
Get pre-approved from your bank or credit union first. This gives you a baseline rate and negotiating power. Dealers may beat it with manufacturer incentives, but compare the total cost, not just the rate.
What's a good interest rate?
Rates vary based on credit score and market conditions. With excellent credit (750+), expect 4-6%. Good credit (700-749) may see 6-9%. Lower scores face higher rates. New cars typically get better rates than used.
How is sales tax calculated?
In most states, sales tax is calculated on the purchase price minus trade-in value. Some states tax the full price. Check your local rules—this calculator uses the trade-in credit method.
Calculator Limitations
This calculator provides estimates only. It doesn't include dealer fees, registration, title fees, or gap insurance. Actual payments may vary based on your credit and lender terms.
