Auto Loan Calculator
Estimate your monthly car payment and total loan cost. Account for your down payment, trade-in value, interest rate, and loan term to see exactly what your auto loan will cost.
Formula reviewed for accuracy. Our methodology & sources
Auto Loan Calculator
loan calculator
How It Works
The calculator first reduces the vehicle price by your down payment and any trade-in value to find the amount you actually need to finance. It then applies the standard loan formula to that figure using your APR and term to produce the monthly payment. Stretching the term lowers the monthly number but raises total interest, so the calculator also shows the full interest and total cost — making it easy to see what a longer loan really costs.
Formula
Monthly Payment = L × [r(1+r)^n] / [(1+r)^n − 1] where L = Price − Down − Trade-in
Examples
$35K car, $5K down, 7% for 60 months
About $594/month.
Frequently Asked Questions
What is a good auto loan term?
Shorter terms (36-48 months) mean higher monthly payments but far less total interest. Avoid terms over 60 months when possible — long loans risk owing more than the car is worth.
How much down payment do I need for a car?
A common recommendation is 20% down on a new car and 10% on a used car. A larger down payment lowers your monthly payment and total interest.
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