Auto Loan Calculator
Calculate your monthly car payment and total loan cost before you buy.
How to Use This Auto Loan Calculator
Enter the vehicle price, your down payment, trade-in value (if any), interest rate, and loan term. The calculator shows:
- Monthly payment — your fixed monthly obligation
- Total interest — how much you pay the lender over the life of the loan
- Total cost — the full amount including the car price, taxes, and interest
Sales tax is applied to (vehicle price - trade-in value), which is the standard in most states.
Tips for Getting the Best Auto Loan
- Get pre-approved — know your rate before walking into the dealership.
- Put at least 20% down — avoids being "upside down" on the loan.
- Keep the term under 60 months — longer terms mean more interest and negative equity risk.
- Don't finance taxes and fees — pay them upfront if possible.
- Negotiate the car price, not the monthly payment — dealers can manipulate terms to hit any monthly number.
Frequently Asked Questions
What is a good interest rate for a car loan?
As of 2026, excellent credit (750+) borrowers can expect 4-6% on new cars and 5-8% on used cars. Good credit (650-749) typically gets 6-10%. Subprime borrowers may see 10-20%+.
Should I lease or buy?
Buying builds equity. Leasing gives lower monthly payments but no ownership. If you drive less than 12,000 miles/year and like new cars every 3 years, leasing may make sense. Otherwise, buying is usually the better financial decision.
How much should my car payment be?
Financial experts recommend keeping total vehicle expenses (payment + insurance + gas + maintenance) under 15-20% of your take-home pay. Use this calculator to find a payment that fits your budget.