Auto Loan Calculator
Estimate your monthly payment and total loan cost with this interactive tool.
Monthly Payment
$0.00
Total Interest Paid
$0.00
Total Repayment
$0.00
Disclaimer: This calculator provides an estimate for illustrative purposes. It does not constitute an official loan offer.
About the Auto Loan Calculator
This tool helps you estimate your potential monthly car payments and understand the total cost of a loan. By inputting the car price, down payment, interest rate, and loan term, you can make informed decisions before you finance your next vehicle.
Formula Explained
The monthly payment for a loan is calculated using the standard amortization formula:
Monthly Payment Formula:
Where: M = Monthly Payment, P = Principal Loan Amount, r = Monthly Interest Rate, n = Number of Months.
Understanding Your Loan Breakdown
See how the total amount you pay is broken down between the principal and the interest over your chosen loan term.
Principal
Total Interest
Frequently Asked Questions
What is an auto loan calculator? →
An auto loan calculator is a tool that helps you estimate your monthly car payment based on the car's price, your down payment, trade-in value, loan term, and interest rate. It allows you to adjust these factors to see how they impact your payment and total loan cost, helping you budget for a new vehicle.
How does the interest rate affect my loan? →
The interest rate is a key factor in your auto loan. A higher interest rate means you'll pay more in interest over the life of the loan, increasing your total cost. Even a small difference in the interest rate can significantly change your monthly payment and the total amount you repay. It's always a good idea to shop around for the best rate you can qualify for.
What is a loan term? →
The loan term is the length of time you have to repay the loan. Common terms for auto loans are 36, 48, 60, and 72 months. A shorter loan term means higher monthly payments but less total interest paid. A longer loan term results in lower monthly payments but more total interest paid over time.
Should I make a down payment? →
Making a down payment is generally a good financial decision when buying a car. A larger down payment reduces the amount you need to borrow, which lowers your monthly payments and the total interest you'll pay. It can also help you get a better interest rate and a more favorable loan from lenders.
How does my credit score affect my loan? →
Your credit score is a crucial factor in getting a car loan. Lenders use it to assess your creditworthiness and determine the interest rate you'll be offered. A higher credit score signals that you are a low-risk borrower, which can help you qualify for lower interest rates and save a significant amount of money over the life of the loan. A lower credit score may result in a higher interest rate or even a denied application.