Auto Loan Calculator
Estimate car loan payments with down payment, trade-in, sales tax and fees.
Enter your values to see the result.
Results are estimates for planning only. Actual figures depend on your lender or bank, fees, rounding and the exact dates used, so confirm the numbers before you sign anything.
Processing and privacy
Processing varies by tool. Check the instructions for local processing, server requests, external services and any file or request limits before entering sensitive information.
Read the privacy policyHow this calculation works
Understand the method, inputs and limits behind your result.
- Formula
- Monthly payment = P × r / (1 − (1 + r)^−n). If r = 0, payment = P / n. Monthly interest = outstanding balance × r; principal repaid = payment − interest.
- Variables
- P = amount borrowed
- r = annual interest rate ÷ 100 ÷ 12
- n = number of monthly payments (years × 12)
- Units
- Principal and payments: selected currency
- Annual rate: percent
- Term: years or months
- Example
- Financing a $30,000 car with $5,000 down at 7% APR for 60 months gives a payment of about $495 a month and roughly $4,700 in total interest.
- Assumptions
- Fixed rate and monthly payments. Principal and interest exclude taxes, insurance and fees; extra costs entered are added separately. Actual lender rounding and payment dates may differ.
- Source
- Last reviewed
- Implementation review; specialist review has not been recorded.
Methodology & References
The method depends on the selected model and input options. Review the assumptions and references above before interpreting the result.
- Enter the vehicle price, down payment and trade-in value.
- Add the sales tax rate and any fees, and choose whether to include them in the loan.
- Enter the interest rate (APR) and choose the term, then compare monthly payments and total cost.
Interpretation and limitations
- Should I choose a longer loan term? Longer terms lower the monthly payment but increase the total interest, and you may owe more than the car is worth for longer. Choose the shortest term you can comfortably afford.
- How does a trade-in reduce sales tax? In many places sales tax is charged only on the price after subtracting your trade-in, which saves money. Rules vary by country and state, so check yours.
- What APR should I expect? It depends on your credit score, the loan term and whether the car is new or used. Getting a pre-approval from a bank or credit union gives you a rate to compare with dealer offers.
References
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Clear instructions
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How to use the Auto Loan Calculator
The auto loan calculator shows the monthly payment and total cost of financing a car. It accounts for your down payment and trade-in value, calculates sales tax on the price after the trade-in, and lets you choose whether to pay tax and fees upfront or roll them into the loan. You also see the total interest and a year-by-year schedule.
- 1 Enter the vehicle price, down payment and trade-in value.
- 2 Add the sales tax rate and any fees, and choose whether to include them in the loan.
- 3 Enter the interest rate (APR) and choose the term, then compare monthly payments and total cost.
Example and practical tips
Financing a $30,000 car with $5,000 down at 7% APR for 60 months gives a payment of about $495 a month and roughly $4,700 in total interest.
Frequently asked questions
Should I choose a longer loan term?
Longer terms lower the monthly payment but increase the total interest, and you may owe more than the car is worth for longer. Choose the shortest term you can comfortably afford.
How does a trade-in reduce sales tax?
In many places sales tax is charged only on the price after subtracting your trade-in, which saves money. Rules vary by country and state, so check yours.
What APR should I expect?
It depends on your credit score, the loan term and whether the car is new or used. Getting a pre-approval from a bank or credit union gives you a rate to compare with dealer offers.
Practical guides
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How to Use Auto Loan Calculator
Estimate your monthly car loan payment including down payment, trade-in, sales tax and fees, plus total interest and an amortization schedule. Free calculator.
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