Auto Loan Calculator
Calculate your monthly car payment and total cost.
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How is auto loan payment calculated?
Same formula as any installment loan: M = P[r(1+r)^n] / [(1+r)^n-1]. The loan amount includes vehicle price minus trade-in, plus sales tax, minus down payment.
What is a good auto loan interest rate?
Rates vary by credit score. Excellent credit: 3-5%. Good: 5-7%. Fair: 7-10%. Poor: 10%+. New cars typically get lower rates than used.
Should I choose a longer loan term?
Longer terms mean lower monthly payments but much more total interest. Try to keep auto loans under 60 months.
Is it better to lease or buy?
Buying costs more upfront but you own the vehicle. Leasing has lower payments but you return the car. Buying is usually cheaper long-term.
Should I put money down on a car?
Yes, at least 20% down helps avoid being 'upside down' (owing more than the car is worth) and lowers total interest.