Car Loan Calculator
Calculate monthly car payments, total interest, and total cost of your auto loan.
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What is Car Loan Calculator?
A car loan calculator estimates your monthly auto payment based on the vehicle price, down payment, interest rate, loan term, and trade-in value. It helps you set a realistic budget, compare financing options, and understand the true cost of vehicle ownership.
How to Use
- Enter the vehicle price and your down payment or trade-in value
- Set the annual interest rate (APR) from your financing offer
- Choose the loan term (36, 48, 60, or 72 months are common)
- Review the monthly payment, total interest, and total cost of the loan
Formula
Monthly Payment = (P x r x (1+r)^n) / ((1+r)^n - 1), where P = loan amount, r = monthly rate, n = months
Frequently Asked Questions
- What is a good interest rate for a car loan?
- Rates depend on credit score and market conditions. Excellent credit typically qualifies for 4-6% for new cars and 5-8% for used. Credit unions often offer the most competitive rates.
- Should I choose a longer or shorter loan term?
- Shorter terms (36-48 months) have higher monthly payments but save thousands in interest. Longer terms (60-72 months) lower payments but increase total cost and risk of being 'underwater' on the loan.
- How much should I put down on a car?
- A 20% down payment is ideal for new cars and 10% for used. Larger down payments reduce monthly payments, total interest, and the risk of owing more than the car is worth.