Auto Loan Calculator
Car shopping? Punch in the sticker price, your down payment or trade-in value, the APR and the term — see the monthly payment and what the car truly costs before you talk to a dealer.
How it works
- Enter the vehicle price and what you're putting down (cash plus trade-in value).
- Add the APR and term — 60 months is common, but 36–48 months costs far less in interest.
- Dealers quote monthly payments; you check the total cost — then negotiate from strength.
Worked example
A $35,000 car with $5,000 down at 7% APR for 60 months: you borrow $30,000 → $594/mo → about $5,640 in total interest → true cost $40,640 (before taxes and fees).
The math behind it
The loan amount is price minus down payment, then the standard amortization formula applies: Payment = P × r(1+r)n / ((1+r)n − 1). Total cost = all payments + your down payment.
Common mistakes
- Shopping by monthly payment alone — dealers stretch terms to 72–84 months to make anything "affordable".
- Rolling negative equity from the old car into the new loan.
- Forgetting the out-the-door price: sales tax, title, registration and dealer fees.
- Not getting pre-approved by a bank or credit union before visiting the dealership.
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Frequently asked questions
How is this different from the loan payment calculator?
Same engine, framed for cars: it subtracts your down payment and trade-in first, so you borrow — and pay interest on — only the difference.
What loan term should I choose?
Shorter is cheaper: 36–48 months keeps interest low. 60 is the common middle ground; 72+ usually means you're buying too much car.
Should I make a down payment?
Yes if you can — it lowers the payment, cuts total interest, and keeps you from owing more than the car is worth as it depreciates.
What APR can I expect?
It depends mostly on your credit score. Check your bank or credit union's current auto rates before the dealer quotes you theirs.
Does it include taxes and fees?
No — add your state's sales tax plus title, registration and dealer fees to the price for the full out-the-door number.