Auto Loan Calculator
Calculate your monthly auto loan payment and see the complete amortization schedule. Compare different loan terms, interest rates, and down payments to find the best deal on car financing.
Disclaimer: This calculator is for educational purposes only and provides estimates based on the information you enter. Actual loan terms, rates, and payments may vary based on your creditworthiness, lender requirements, and other factors. Consult with a financial advisor or lender for personalized advice.
Vehicle & Loan Details
Enter the total purchase price of the vehicle
Recommended: 10-20% of vehicle price
Optional: Value of your current vehicle if trading in
Enter your state/local sales tax amount
Registration, documentation, and other dealer fees
Annual percentage rate (APR) for your loan
Payment Calculation
Instantly calculate monthly payment based on loan amount, interest rate, and term length
Amortization Schedule
View payment breakdown showing principal, interest, and remaining balance for each payment
Rate Comparison
Compare different interest rates and loan terms to find the lowest total cost
How to Use Auto Loan Calculator
Enter Vehicle Details
Input the vehicle price, down payment, and trade-in value (if applicable). Include sales tax and any additional fees like registration or documentation charges.
Set Interest Rate & Loan Term
Enter your APR (annual percentage rate) from your lender and select a loan term. Common terms are 36, 48, 60, or 72 months. You can also enter a custom term.
Calculate Payment
Click "Calculate Payment" to see your monthly payment, total interest, and total cost. The calculator shows a complete breakdown of your loan.
Review Amortization Schedule
View the complete amortization schedule to see how each payment is split between principal and interest. Use this to understand when you'll build equity in your vehicle.
Frequently Asked Questions
What is a typical auto loan interest rate?
Auto loan rates vary by credit score, loan term, and lender. In 2024: Excellent credit (750+): 4-6%. Good credit (700-749): 6-8%. Fair credit (650-699): 8-12%. Poor credit (below 650): 12%+. Our calculator helps you evaluate loans at any rate.
How does down payment affect monthly payment?
A larger down payment reduces the loan amount and lowers monthly payments. A 20% down payment is standard: $5,000 down on a $25,000 car means borrowing $20,000. Higher down payments also reduce interest paid over the life of the loan.
What's the best auto loan term?
Shorter terms (36-48 months) have lower total interest. Longer terms (60-72 months) have lower monthly payments but higher total interest. Our calculator shows both monthly payment and total interest for different terms.
What about trade-in value?
Enter your trade-in value and our calculator adjusts the net loan amount. A $25,000 car with $5,000 trade-in = $20,000 loan needed (same as a $5,000 down payment).
Should I include sales tax and fees?
Yes! Sales tax (typically 5-10% of vehicle price) and fees (registration, documentation, etc.) are usually financed as part of the loan. Include them for an accurate monthly payment calculation.
How is the amortization schedule calculated?
The amortization schedule shows each monthly payment broken down into principal and interest. Early payments have more interest; later payments have more principal. Use this to see when you build equity in your vehicle.