By ToolzHive
About this tool
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.
How to use Auto Loan Calculator
- 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.
Worked 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.
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.
Put this guide into practice
- Auto Loan Calculator — Estimate car loan payments with down payment, trade-in, sales tax and fees.