Car Loan Calculator
Work out the monthly payment on a car loan. Enter the price, your down payment and trade-in, an interest rate and a term to see the amount financed, the payment and the total interest you would pay.
How to use the car loan calculator
- Enter the vehicle price, then your down payment and any trade-in value.
- Set the annual interest rate (APR) and pick a term such as 36, 48, 60 or 72 months.
- Review the monthly payment, amount financed, total interest and total cost.
Examples
A 25,000 loan at 6% for 60 months
Price 30,000, down payment 5,000, trade-in 0, rate 6%, term 60 months
Amount financed 25,000, monthly payment about 483, total interest about 3,999
Frequently asked questions
How does the down payment affect my car loan?
Your down payment is subtracted from the price, so it lowers the amount you finance. A larger down payment means a smaller loan, a lower monthly payment and less total interest.
How does a trade-in change the calculation?
The trade-in value is treated like extra money down. We subtract it from the price along with your cash down payment, so a higher trade-in reduces the loan amount and the monthly payment.
What car loan term should I choose?
Common terms are 36, 48, 60 and 72 months. A shorter term means higher monthly payments but less interest overall; a longer term lowers the payment but costs more in total interest.
How is the total interest calculated?
The loan is amortized at your interest rate over the term. Total interest is the sum of every payment minus the amount you financed, which the calculator shows alongside the total cost.
Does this include sales tax, fees or insurance?
No. The result covers principal and interest only. Taxes, registration, dealer fees and insurance vary by location, so add them separately or include them in the price to estimate them.
Is the interest rate the same as the APR?
We use the rate you enter as the annual percentage rate on the financed balance. If your loan has fees rolled in, your real APR may be slightly higher than the quoted interest rate.
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