Auto Loan Calculator

Calculate Your Auto Loan

Enter your vehicle and loan details

Enter your vehicle and loan details to calculate monthly payments and total costs.

Vehicle Price ($)

Please enter a valid vehicle price

Down Payment ($)

Please enter a valid down payment

Loan Term (months)

Please select a loan term

Interest Rate (%)

Please enter a valid interest rate

Trade-in Value ($)

Please enter a valid trade-in value

Sales Tax (%)

Please enter a valid sales tax rate

Loan Results

Loan Amount: $25,000.00

Monthly Payment: $471.78

Total Interest: $3,306.80

Total Cost: $38,306.80

Payoff Date: May 2029

How It Works

Enter vehicle price, down payment, loan term, interest rate, and other details to calculate your monthly payment and total loan costs instantly.

Smart Financing

Compare different loan terms and down payment amounts to find the most affordable option that fits your budget and financial goals.

Privacy First

All calculations happen in your browser - no personal or financial data is sent to servers. Your information stays completely private.

Auto Loan Formulas

Monthly Payment Calculation

M = P × [r(1+r)^n] / [(1+r)^n - 1]

M = Monthly payment, P = Principal loan amount, r = Monthly interest rate, n = Number of payments

Total Interest Paid

Total Interest = (M × n) - P

M = Monthly payment, n = Number of payments, P = Principal loan amount

Total Loan Cost

Total Cost = Vehicle Price + Tax + Total Interest

Includes all costs associated with the vehicle purchase and financing

Step-by-Step Examples

New Car Purchase

$35,000 vehicle, $5,000 down, 5% interest, 60 months, 7% tax → Monthly: $612.70

Total cost: $41,762 with $4,312 interest

Used Car with Trade-in

$18,000 vehicle, $2,000 down, $4,000 trade-in, 6.5% interest, 48 months → Monthly: $311.44

Total cost: $20,949 with $1,824 interest

Short Term Loan

$25,000 vehicle, $5,000 down, 4.5% interest, 36 months → Monthly: $592.36

Total cost: $31,325 with $1,325 interest

Understanding Auto Loan Calculations

Calculating auto loan payments helps you budget effectively before visiting dealerships. This calculator determines your monthly payment, total interest costs, and loan duration based on your vehicle price, down payment, interest rate, and term. Whether you're buying a new car, used vehicle, or refinancing existing auto debt, understanding these numbers prevents overborrowing.

How Auto Loan Calculations Work

The calculator uses standard amortization formulas to determine how much you'll pay each month and over the life of the loan. It factors in your down payment, trade-in value, and local sales tax to give you a complete picture of your auto financing costs.

Key Factors in Auto Loans

Several elements significantly impact your auto loan terms and costs:

Down Payment: Larger down payments reduce your loan amount and monthly payments
Loan Term: Shorter terms mean higher payments but less total interest
Interest Rate: Determined by your credit score and market conditions
Vehicle Price: The starting point for all calculations

Practical Example: New Car Financing

Imagine you're buying a $30,000 car with a $5,000 down payment, 5% interest rate, and 60-month term with 7.5% sales tax.

Step 1: Calculate Total Vehicle Cost

Calculation: $30,000 + ($30,000 × 0.075) = $32,250

Step 2: Determine Loan Amount

Calculation: $32,250 - $5,000 = $27,250

Step 3: Calculate Monthly Payment

Calculation: Using the auto loan formula: $514.57 per month

Step 4: Calculate Total Costs

Calculation: $30,000 (vehicle) + $2,250 (tax) + $3,624 (interest) = $35,874 total cost

Frequently Asked Questions

How much should I put down on a car?

Aim for at least 20% down on new vehicles and 10% on used cars. This helps avoid being upside-down on your loan and reduces monthly payments and total interest.

What's better: 60-month or 72-month auto loan?

A 60-month loan has higher payments but lower total interest. 72-month loans offer lower payments but cost more overall and increase upside-down risk.

How does credit score affect auto loan rates?

Excellent credit (720+) can secure rates 3-5% lower than poor credit (below 620). Each 20-point improvement can save thousands over the loan term.

Should I finance through dealership or bank?

Compare both options. Dealerships may offer manufacturer incentives, while banks provide pre-approval that strengthens your negotiating position.

What additional costs should I consider?

Include insurance, fuel, maintenance, registration, and potential repairs. These typically add 30-50% to your transportation budget beyond the loan payment.

Is any data sent to the server?

No, calculations are client-side. Analytics events are obfuscated and don't contain personal financial data.