Car Loan Calculator
Estimate your auto loan payments and total costs
Loan Details
Monthly Payment
$0
Total Interest
$0
Total Loan Cost
$0
Loan Amount: $0 | Term: 0 months
Cost Breakdown
Vehicle Price
$0
Down Payment
$0
Trade-In Value
$0
Sales Tax
$0
Interest Paid
$0
Total Financing
$0
How to Use This Calculator
This calculator helps you understand the true cost of financing a vehicle, including monthly payments, total interest, and overall loan amount.
Step-by-Step Guide:
- Enter Vehicle Price - The total purchase price before any discounts
- Input Down Payment - Cash amount paid upfront (reduces loan amount)
- Add Trade-In Value - Value of your current vehicle (if applicable)
- Select Loan Term - Duration of the loan (shorter terms = less interest)
- Enter Interest Rate - Your expected auto loan APR (check current rates)
- Set Sales Tax Rate - Your local vehicle sales tax percentage
- Click Calculate - See your complete loan breakdown
Tip: A 20% down payment helps avoid being "upside down" on your loan (owing more than the car's value).
Car Loan FAQs
What's a good interest rate for a car loan?
As of 2023, rates vary by credit score: Excellent (720+) 4-5%, Good (680-719) 5-7%, Fair (640-679) 7-10%, Poor (<640) 10%+. Always shop around for the best rate.
How does loan term affect total cost?
Longer terms (72-84 months) lower monthly payments but increase total interest paid. Shorter terms (36-48 months) save money overall but have higher monthly payments.
Should I put money down on a car?
Yes! A down payment of 10-20% helps: 1) Lower monthly payments, 2) Reduce total interest, 3) Prevent negative equity, and 4) May get you better loan terms.
What's included in the total loan cost?
This includes the financed amount plus all interest charges over the loan term. It doesn't include insurance, maintenance, or other ownership costs.
How does my credit score affect the loan?
Higher scores qualify for lower interest rates. A 100-point difference in your credit score could mean 1-2% lower APR, saving thousands over the loan term.
Is it better to finance through a dealer or bank?
Always get pre-approved from a bank/credit union first to know your rate. Dealers may offer competitive financing, but having a pre-approval gives you negotiating power.
