Auto Loan Calculator

Calculate monthly payments, total interest, and loan details for your auto loan. Compare different terms and rates to find the best deal.

Loan Information

Basic Loan Information

Additional Costs (Optional)

Current Interest Rates

Excellent Credit
3.5% - 5.0%
Good Credit
5.0% - 7.0%
Fair Credit
7.0% - 10.0%
Poor Credit
10.0%+

Loan Summary

No Results Yet

Enter your loan details and click calculate to see your payment schedule

How to Use the Auto Loan Calculator

Step 1: Enter Loan Details

Provide the basic loan information:

  • Loan amount (vehicle price minus down payment)
  • Down payment amount
  • Interest rate (annual percentage rate)
  • Loan term (number of years)

Step 2: Additional Costs (Optional)

Include any trade-in value, taxes, and fees to get a more accurate calculation of your total loan amount.

Step 3: Review Results

Analyze your monthly payment, total interest, and payment schedule to make an informed decision.

How the Auto Loan Calculator Works

Monthly Payment Formula

The calculator uses the standard loan payment formula:

M = P × [r(1+r)^n] / [(1+r)^n - 1]

Where:
M = Monthly payment
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Number of payments (years × 12)

Interest Rate Factors

Excellent Credit (720+) 3.5-5.5%
Good Credit (680-719) 5.5-7.5%
Fair Credit (640-679) 7.5-10.5%
Poor Credit (580-639) 10.5-15.5%
Bad Credit (Below 580) 15.5%+

Key Definitions

Loan Terms

Principal

The original amount borrowed, not including interest or fees.

Interest Rate

The annual percentage rate (APR) charged by the lender for borrowing money.

Amortization

The process of paying off a loan through regular payments over time.

Financial Terms

Down Payment

The initial payment made when purchasing a vehicle, reducing the loan amount.

Trade-in Value

The value of your current vehicle that can be applied toward the purchase of a new one.

Total Cost of Ownership

The total amount you'll pay over the life of the loan, including principal and interest.

Pro Tips for Using the Auto Loan Calculator

💰 Down Payment Strategy

A larger down payment reduces your monthly payment and total interest paid over the life of the loan.

📊 Compare Loan Terms

Test different loan terms to find the balance between monthly payment and total cost that works for your budget.

🏦 Shop for Rates

Get pre-approved from multiple lenders to compare interest rates and find the best deal.

📈 Consider Total Cost

Look at the total amount you'll pay, not just the monthly payment, to make the most cost-effective decision.