Car Loan Payment Calculator
Calculate your monthly car loan payment with this free auto loan calculator. Compare different loan terms and interest rates for new and used cars.
Purchasing a car is one of the biggest financial decisions many people make. Understanding your auto loan payment helps you choose a vehicle that fits your budget and compare financing options from dealerships, banks, and credit unions.
Calculator
Common use cases
- Budgeting for a new or used car purchase
- Comparing dealership vs bank financing
- Determining how much car you can afford
- Understanding the impact of different down payments
How to use
- Enter the vehicle purchase price
- Input your down payment amount
- Add trade-in value if applicable
- Enter the interest rate from your lender
- Select your preferred loan term
- Review your monthly payment
FAQ
What's a good interest rate for a car loan?
Good rates depend on credit scores and market conditions. Excellent credit typically qualifies for rates 3-5% lower than average credit.
Should I get a longer loan term?
Longer terms mean lower monthly payments but more total interest. You may also owe more than the car is worth (negative equity).
Is a bigger down payment better?
Larger down payments reduce your loan amount, monthly payment, and total interest. Aim for at least 10-20% down.
This calculator provides illustrative estimates for planning purposes only and does not constitute financial, tax, or legal advice.