Auto Loan Calculator
Calculate monthly payments and total cost for your vehicle loan. Compare different down payment amounts and loan terms to find the best financing option.
Vehicle Details
Monthly Payment
Loan Summary
Cost Analysis
Interest Impact
Over 60 months, you'll pay $4,089.95 in interest charges.
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How It Works
An auto loan calculator helps you determine the monthly payment and total cost of financing a vehicle purchase. Most auto loans are amortizing loans, meaning each payment includes both principal (reducing the loan balance) and interest (the cost of borrowing).
The key factors affecting your auto loan are the vehicle price, down payment amount, interest rate, and loan term (typically 36, 48, 60, or 72 months). A larger down payment reduces your loan amount and monthly payments, while a longer loan term lowers monthly payments but increases total interest paid.
Interest rates for auto loans are typically lower than personal loans because the vehicle serves as collateral. New cars often qualify for lower rates than used cars, and your credit score significantly impacts the rate you'll receive.
Practical Examples
Example: $35,000 New Car
- • Car Price: $35,000
- • Down Payment: $7,000 (20%)
- • Loan Amount: $28,000
- • Rate: 5.5% for 60 months
- • Monthly Payment: ~$534
- • Total Interest: ~$4,040
Comparison: 60 vs 72 months
- • 60 months: $534/month, $4,040 interest
- • 72 months: $455/month, $4,760 interest
- • Difference: $79/month vs $720 more interest
Frequently Asked Questions
Shop Around: Get pre-approved from banks, credit unions, and the dealership to compare rates.
20% Down Payment: Putting 20% down helps avoid being "underwater" on the loan and may get you better rates.
Shorter Terms: While monthly payments are higher, shorter loans save significant money on interest.
Total Cost: Consider insurance, maintenance, and depreciation in addition to the loan payment.