Free auto loan calculator. Calculate monthly car payment, total interest paid, and total cost. Enter price, down payment, rate, and term.
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Auto Loan Calculator
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Formula
Formula
Monthly Payment = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1)
P = Loan amount (price − down payment − trade-in) · r = Monthly interest rate · n = Number of months. Shorter terms mean higher payments but less total interest.
Frequently Asked Questions
What is a good interest rate for a car loan?+
Car loan rates typically range from 3-12% depending on credit score and term. Shorter terms usually have lower rates.
Should I put more down on a car?+
Yes. A larger down payment reduces loan amount, monthly payment, and total interest paid. Aim for at least 10-20%.
Is 72 or 84 months a bad idea?+
Longer terms lower monthly payments but cost significantly more in interest and may leave you owing more than the car is worth (underwater).