The Real Cost of Your Car Loan
See what that car will actually cost you over the loan term. Total interest, real expense — not just the sticker price.
That $35,000 car isn't going to cost you $35,000. With financing, you'll pay back significantly more — sometimes $5,000 to $10,000 more depending on your rate and term. This calculator shows you both numbers: the manageable monthly payment and the actual total cost. When you see that a 6-year loan at 8% adds almost $9,000 in interest to a $30,000 car, it changes how you think about the purchase. Maybe a shorter term is worth the higher payment. Maybe you'll put more down. Maybe the car is still worth it to you. The point is making that decision with complete information, not just the payment the salesperson emphasized.
Calculator
Common use cases
- Seeing the true cost beyond the sticker price
- Comparing the real expense of different loan terms
- Deciding between financing and paying cash
- Negotiating with full knowledge of interest impact
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.
Why is total cost so much higher?
Interest compounds over years. Even 'low' rates add thousands to a multi-year loan. Shorter terms save significant money.
This calculator provides illustrative estimates for planning purposes only and does not constitute financial, tax, or legal advice.