Calculate your monthly car payment with down payment, trade-in value, and sales tax. Perfect for new and used car purchases.
Use our comprehensive auto loan calculator to estimate monthly car payments, total interest costs, and amortization schedules. Perfect for new car financing, used car loans, lease buyouts, and auto loan refinancing. Get accurate payment estimates based on vehicle price, down payment, trade-in value, loan term, and current interest rates.
Car buyers who calculate payments before dealership visits save an average of $1,800 on their auto loans. Our calculator helps you determine exactly what you can afford, understand total loan costs, and negotiate better financing terms. Whether you're buying from a dealership or private seller, knowing your numbers gives you significant negotiating power.
Negotiate this first before discussing financing. Every $1,000 reduces payment by ~$20/month.
1% difference on $30,000 loan = $500+ in interest over 5 years.
Longer terms = lower payments but higher total interest. 60 vs 72 months can save $1,500+.
As of December 2024, average auto loan rates range from 5.5% for excellent credit (720+) to 14% for poor credit (below 630). New car loans typically offer 0.5-2% better rates than used car loans. Credit unions often beat bank rates by 0.5-1%. Use our calculator to see how different rates affect your monthly payment and total loan cost.
Our calculator uses the standard amortization formula: Monthly Payment = [P × r(1+r)^n] / [(1+r)^n - 1] where P is loan amount after down payment and trade-in, r is monthly interest rate (APR/12), and n is total number of payments. We automatically adjust for sales tax and provide a complete amortization schedule showing principal vs. interest for each payment.
Financial experts recommend 20% for new cars, 10% for used cars. This avoids being "upside down" (owing more than car value) early in the loan.
60-month loans save $1,000+ in interest on average. 72-month loans have lower payments but higher total cost. Use our calculator to compare.
Get pre-approved from your bank/credit union first (better rates), then let dealer try to beat it. Never discuss financing before agreeing on price.
Use our auto loan calculator below to estimate your exact monthly payment, total interest, and complete amortization schedule. Perfect for budgeting, comparison shopping, and securing the best financing deal on your next vehicle purchase.
An auto loan allows you to purchase a vehicle by borrowing money from a lender and repaying it over time with interest. Your monthly payment is determined by the vehicle price, down payment, loan term, interest rate, and additional costs like sales tax and fees.
Understanding how these factors work together helps you budget effectively and negotiate better deals. A larger down payment or shorter loan term can significantly reduce your total interest costs.
Our calculator computes your complete monthly car payment using the standard auto loan formula:
Loan Amount = (Vehicle Price - Down Payment - Trade-in) × (1 + Sales Tax Rate)
Where:
• Vehicle Price = Total cost of the car
• Down Payment = Initial cash payment
• Trade-in Value = Value of your current vehicle
• Sales Tax = Your local sales tax rate
Typically lower interest rates (3-5%) with terms from 2-7 years. Higher depreciation but better reliability.
Slightly higher rates (4-8%) with shorter terms. Lower depreciation and better value.
Lower your interest rate after purchase. Good option if your credit score improved.
Aim for 20% down on new cars, 10% on used cars. This reduces your loan amount and monthly payments.
Know your credit score before shopping. Scores above 720 get the best interest rates.
Secure financing from your bank or credit union before visiting dealerships for better negotiating power.
Calculate your monthly car payment
Read our comprehensive auto loan negotiation guide with expert tips and real examples.
Read Negotiation Guide →