Auto Loan Calculator

Calculate your monthly car payment, total interest, and explore different loan terms.

Vehicle Price

Total purchase price of the vehicle before fees

Down Payment

Cash paid upfront to reduce your loan amount

Trade-In Value

Value of your current vehicle applied as credit toward the new one

Interest Rate (%)

Annual percentage rate from your lender or dealer

Loan Term

Length of the loan — shorter terms mean less total interest

Sales Tax (%)

State or local tax applied to the vehicle purchase

Monthly Payment

What you’ll pay each month toward your auto loan

$634.92

Loan Amount

Total amount financed after down payment and trade-in

$32,450.00

Total Interest

Interest paid over the life of the loan

$5,645.29

Total Cost

Complete amount paid including principal and interest

$38,095.29

Sales Tax

$2,450.00

💡 Tip

A shorter loan term means higher monthly payments but significantly less interest. A 36-month term vs 72-month can save you thousands.

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How Auto Loans Work

Auto loans are amortized installment loans. Each monthly payment includes both principal and interest. In the early months, more of your payment goes to interest; over time, more goes to principal. Our calculator shows this breakdown.

Tips for Getting the Best Car Loan Rate

Check your credit score before shopping — scores above 720 get the best rates. Get pre-approved from your bank or credit union before visiting dealerships. Compare at least 3 lenders. Consider a larger down payment (20%+) to reduce the loan amount and possibly qualify for better terms.

Frequently Asked Questions

What is a good interest rate for a car loan?

As of 2024–2025, good rates for new cars range from 4% to 7% for borrowers with good credit. Used car rates are typically 1–2% higher. Your credit score, loan term, and lender all affect your rate.

Should I choose a longer or shorter car loan term?

Shorter terms (36–48 months) have higher monthly payments but lower total interest. Longer terms (60–84 months) have lower payments but cost significantly more in interest. A 60-month loan is a common balanced choice.

How much should I spend on a car?

A common guideline is to keep your total car costs (payment, insurance, gas, maintenance) under 15-20% of your monthly take-home pay. For the loan specifically, try to keep monthly payments under 10% of gross monthly income.