car Auto Loan Calculator
Calculate your car loan payments instantly. Factor in down payment, trade-in value, and loan term to see your true monthly cost before visiting the dealership.
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Frequently Asked Questions - Auto Loan Calculator
How much should I put down on a car?
Aim for at least 20% of the purchase price as a down payment on a new car and 10% on a used car. A larger down payment reduces your monthly payment, total interest, and protects you from being underwater on the loan if the car depreciates quickly.
Is a 72 or 84-month car loan a good idea?
Longer loan terms mean lower monthly payments but significantly more total interest. You also risk owing more than the car is worth for most of the loan. Limit your term to 60 months or less when possible, and never exceed 72 months.
Should I get pre-approved for an auto loan before shopping?
Yes. Getting pre-approved by a bank or credit union before visiting the dealership gives you negotiating power and a baseline rate to compare against dealer financing. It also helps you set a realistic budget before you start shopping.
What is gap insurance and do I need it?
Gap insurance covers the difference between what you owe on your car loan and what the car is worth if it is totaled or stolen. It is recommended if you put less than 20% down or have a loan term over 60 months. Check if your auto insurer offers it.
How does my credit score affect my auto loan rate?
Your credit score is the biggest factor in determining your interest rate. Borrowers with excellent credit (750+) can qualify for rates as low as 2-4%, while those with poor credit (below 600) may face rates of 15% or higher, adding thousands to the total cost.
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