Enter the amount financed after down payment and trade-in to see your monthly car payment and the true cost of the loan.
How the Auto Loan Calculator works
The auto loan calculator amortizes the amount you finance (vehicle price minus down payment and trade-in, plus any rolled-in taxes and fees) over your chosen term at the quoted APR, showing the monthly payment and total interest.
Example calculation
Financing $32,000 at 7.2% for 6 years is about $548 a month and roughly $7,500 in interest. The same loan over 4 years costs more monthly but saves thousands in interest.
Tips for using the Auto Loan Calculator
- Finance the shortest term you can comfortably afford.
- A bigger down payment reduces the loan and the risk of being 'upside down'.
- Get pre-approved by a bank to negotiate the dealer rate.
Auto Loan Calculator — frequently asked questions
- Price or amount financed?
- Use amount financed: vehicle price minus down payment and trade-in, plus any taxes/fees rolled in.
- Why avoid long terms?
- Lower payments but far more interest, and you may owe more than the car is worth for years.
- What is negative equity?
- Owing more on the loan than the car is worth — common with long terms and small down payments.
- Should I take dealer financing or a bank loan?
- Compare both APRs here; dealer 0% offers can beat banks, but only for top-tier credit.
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