Estimated monthly payment
0.00
Enter a vehicle price, an interest rate and a term greater than zero. Your down payment and trade-in must be less than the price plus tax.
Loan amount
Total interest
0.00Total of all payments
0.00Estimates only. Sales tax rules differ by state, and dealer fees, registration and insurance are not included.
How this auto loan calculator works
Enter the price of the car, how much you will pay up front, the value of your trade-in, the sales tax rate, the interest rate (APR) and the length of the loan in months. The calculator shows your monthly payment, the amount you will borrow and how much interest you will pay in total.
How the loan amount is calculated
The loan amount is the vehicle price plus sales tax, minus your down payment and trade-in value. The monthly payment then uses the standard fixed-rate formula: the loan amount times the monthly rate, divided by one minus (1 + monthly rate) raised to the power of minus the number of months. The monthly rate is the APR divided by 12.
Example
A 30,000 car with 6% sales tax and 3,000 down leaves a loan of 28,800. At 7% APR over 60 months, the payment is about 570.27 per month and you pay about 5,416 in interest. Stretch the same loan to 72 months and the payment drops to about 491, but interest rises to about 6,553. Shorten it to 48 months and the payment is about 690, with interest of about 4,303.
Tips for a cheaper car loan
- Put more down. Every dollar you pay up front is a dollar you do not pay interest on.
- Choose the shortest term you can afford. Long loans feel cheaper each month but cost more overall.
- Get pre-approved. A quote from a bank or credit union gives you a rate to compare with the dealer’s offer.
- Check your credit. A higher score usually means a lower APR.
Frequently asked questions
What is a good loan term for a car?
Many buyers choose 48 to 60 months. Longer loans can leave you owing more than the car is worth, so try several terms above and compare the total interest.
Does a trade-in lower my payment?
Yes. Your trade-in value counts toward the purchase, which reduces the amount you need to borrow. Enter its value above to see the difference.
Is APR the same as the interest rate?
Not exactly. APR includes some lender fees on top of the interest rate, so it is the better number to use when you compare loan offers.