🚗 Auto Loan Calculator
Calculate your monthly car payment, total interest, and see how down payment and loan term affect your costs.
Related Calculators
Frequently Asked Questions
What is a good interest rate for a car loan?
Excellent credit (720+): 4-6%, Good credit (680-719): 6-9%, Fair credit (640-679): 9-12%, Poor credit (<640): 12-18%. New cars typically have lower rates than used cars. Credit unions often offer better rates than dealerships.
How much should I put down on a car?
Aim for 20% down payment on new cars, 10% on used cars. This helps avoid being upside-down on your loan and reduces monthly payments and total interest. On a $35,000 car, that's $7,000 down.
What car loan term should I choose?
Shorter terms (36-48 months) have higher monthly payments but lower total interest. Longer terms (60-72 months) have lower monthly payments but cost more overall. Avoid 84+ month loans - you'll pay excessive interest and be upside-down longer.
Should I finance through the dealer or my bank?
Shop around! Get pre-approved from your bank/credit union first, then compare to dealer financing. Dealer rates are sometimes competitive, especially with manufacturer incentives (0% APR promotions). Credit unions typically offer the best rates.
How much car can I afford?
Total car expenses (payment, insurance, gas, maintenance) should not exceed 15-20% of your monthly income. If you make $5,000/month, spend no more than $750-$1,000 total on car expenses. Don't let the dealer talk you into "what payment you can afford."
Financial Disclaimer
This calculator is provided for educational and informational purposes only. The results are estimates based on the information you provide and should not be considered as financial, legal, or tax advice.
Actual results may vary based on your specific circumstances, market conditions, and other factors. Always consult with qualified financial, legal, and tax professionals before making any financial decisions.
We make no guarantees about the accuracy, completeness, or reliability of the calculations. Use this tool at your own risk.