Auto Loan Calculator
Calculate your car loan payments, compare financing options, and determine affordability.
Auto Loan Results
Monthly Payment:
Total Loan Amount:
Total Interest Paid:
Total Cost of Vehicle:
Cost Breakdown
Vehicle Price:
Sales Tax:
Additional Fees:
Down Payment:
Trade-in Value:
Affordability Guidelines
20/4/10 Rule:
20% down, 4-year loan max, 10% of gross income
Total Transportation:
Should not exceed 15-20% of take-home pay
Auto Loan Information
An auto loan calculator helps you determine the monthly payment for your car purchase and compare different financing options.
Key Factors:
- Vehicle Price: The total cost of the car before taxes and fees
- Down Payment: Upfront payment that reduces the loan amount
- Trade-in Value: Credit from your current vehicle toward the purchase
- Interest Rate (APR): Annual percentage rate charged by the lender
- Loan Term: Length of time to repay the loan
Tips for Better Auto Loans:
- Shop around with multiple lenders for the best rates
- Consider pre-approval to know your budget
- Make a larger down payment to reduce monthly payments
- Choose shorter loan terms to save on interest
- Factor in insurance, maintenance, and fuel costs
Loan Term Considerations:
- Shorter Terms (24-48 months): Higher monthly payments, less total interest
- Longer Terms (60-84 months): Lower monthly payments, more total interest
- Avoid being "upside down" on your loan (owing more than the car's value)