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Free Car Loan Calculator

Plan your auto purchase with confidence. This car loan calculator shows your estimated monthly payment, total interest, and full payment breakdown for any vehicle loan.

Car Loan Calculator

$0.00
Monthly Payment
Loan Amount$0
Total Interest Paid$0
Total Cost$0

How to Use the Car Loan Calculator

Using this auto loan calculator is easy. First, enter the vehicle price — the total cost of the car you're considering. Then add your down payment (cash you're putting upfront) and any trade-in value if you're trading an existing vehicle.

Next, input the annual interest rate you've been quoted by your lender or credit union. Current auto loan rates typically range from 5% to 10% depending on your credit score and loan term. Finally, choose your preferred loan term in months. Shorter terms (36-48 months) mean higher payments but less interest; longer terms (72-84 months) lower the monthly payment but cost more in interest overall.

Click calculate and you'll see your monthly payment, the total interest paid over the life of the loan, and the total cost of the vehicle after financing.

Pro tip: A larger down payment (20% or more) can help you qualify for a better interest rate and avoid being upside down on your loan.

Car Loan Payment Formula

M = P × [r(1+r)^n] / [(1+r)^n − 1]

Where: M = monthly payment, P = loan amount (price − down payment − trade-in), r = monthly interest rate, n = total number of months.

Frequently Asked Questions

Generally, a credit score of 660 or higher qualifies you for competitive auto loan rates. Scores above 740 typically receive the best rates. Even with lower scores, you can still get a loan, though rates will be higher.
A 72-month loan lowers your monthly payment but increases total interest paid. It also means you'll be paying off the car longer, which could leave you owing more than the car is worth (being upside down). Consider a shorter term if you can afford the payments.
Always compare offers from both. Dealers sometimes offer promotional rates (0-2% on new cars), but credit unions and banks often provide better rates on used cars. Get pre-approved before visiting the dealership for negotiating power.

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