🚗 Auto Loan Calculator
Calculate monthly car payment and total loan cost
How Auto Loan Calculation Works
Formula
Payment = P × [r(1+r)^n] / [(1+r)^n − 1]
- 1Enter the vehicle price and subtract your down payment.
- 2Enter the annual interest rate (APR) for the loan.
- 3Enter the loan term in months (commonly 36, 48, 60, or 72).
- 4The calculator computes the monthly payment using the loan amortization formula.
- 5Total interest paid and an amortization schedule are displayed.
About Auto Loan Calculator
Calculate monthly car loan payments, total interest, and amortization schedule. Enter vehicle price, down payment, interest rate, and loan term. Compare financing options.
Frequently Asked Questions
What is a good interest rate for a car loan?
Rates vary by credit score and market conditions. Excellent credit may qualify for 3-5%, good credit 5-7%, fair credit 7-12%. New cars often have lower rates than used cars. Always compare offers from multiple lenders.
Is a longer loan term better?
Longer terms mean lower monthly payments but significantly more total interest. A $30,000 loan at 6% costs $4,800 in interest over 36 months vs $8,400 over 72 months. Choose the shortest term you can afford.
How much should I put down on a car?
A 20% down payment is ideal. It reduces the loan amount, lowers monthly payments, and helps avoid being 'underwater' (owing more than the car is worth). At minimum, aim for 10%.