Auto Loan Calculator
Calculate your monthly car payment, total interest, and full repayment schedule
// Cost Breakdown
Repayment Schedule
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 🚗 Calculate above to see your repayment schedule | ||||
How to Use the Auto Loan Calculator
Enter the vehicle price, your down payment, any trade-in value, the loan interest rate (APR), and loan term in months. You can also include a sales tax rate to see the true cost of your car purchase. Use the New / Used toggle to switch between typical rate defaults.
How Auto Loan Payments Are Calculated
Your loan amount is the vehicle price minus your down payment and trade-in value, plus any applicable sales tax. Monthly payments are then calculated using standard loan amortization.
New vs Used Car Loan Rates
New car loans typically offer lower interest rates (3–6%) because the vehicle holds its value better as collateral. Used car loans usually carry higher rates (5–12%) due to greater depreciation risk. Your credit score is the biggest factor in the rate you'll be offered.
What Loan Term Should I Choose?
Common auto loan terms are 36, 48, 60, and 72 months. A shorter term means higher monthly payments but less total interest. Longer terms (72–84 months) lower your payment but increase total cost and risk of being "underwater" — owing more than the car is worth.
Should I Include a Trade-In?
A trade-in directly reduces your loan amount. Enter your car's estimated trade-in value to see how it affects your monthly payment and total cost. Many dealers allow you to apply a trade-in toward a new purchase even if you still owe money on it.
// 20% Rule
Aim for a down payment of at least 20% to avoid being underwater on your loan early on.
// APR vs Rate
APR includes fees and is the true annual cost. Always compare APRs when shopping lenders.
// Keep It Short
Aim for 48–60 months max. Loans over 72 months significantly increase total interest paid.
// Pre-approval
Get pre-approved before visiting a dealer — it gives you negotiating power and a rate benchmark.