Auto Loan Calculator

Auto Loan Calculator

Calculate auto loan payments and costs

About Auto Loan Calculator

Our comprehensive auto loan calculator helps you understand the true cost of financing a vehicle. Whether you're buying a new car, used car, or refinancing an existing auto loan, this tool provides accurate monthly payment calculations and total cost breakdowns to help you make informed decisions.

What It Calculates

  • Monthly Payment: Your fixed monthly auto loan payment
  • Loan Amount: Total amount financed after down payment
  • Total Interest: Total interest paid over the loan term
  • Total Payment: Principal + interest over the entire loan
  • Loan Analysis: Smart recommendations for better terms

Auto Loan Components

Vehicle Costs
  • Car price (MSRP or negotiated price)
  • Sales tax and registration fees
  • Dealer add-ons and warranties
  • Trade-in value considerations
  • Down payment amount
Loan Terms
  • Interest rate (APR)
  • Loan duration (months/years)
  • Credit score impact
  • Lender requirements
  • Prepayment penalties

How to Use

Enter the car price, down payment, interest rate, and loan term. The calculator will instantly compute your monthly payment and provide a complete breakdown of costs, including total interest and recommendations for optimizing your auto loan.

Understanding Your Results

Monthly Payment

Fixed amount due each month

Total Interest

Cost of financing the vehicle

Total Cost

Car price + all interest

Auto Loan Optimization Tips

  • Larger Down Payment: Reduces loan amount and interest costs
  • Shorter Terms: Pay less interest but higher monthly payments
  • Better Credit Score: Qualify for lower interest rates
  • Shop Around: Compare rates from multiple lenders
  • Consider Total Cost: Don't just focus on monthly payment
  • Pre-approval: Get loan approval before car shopping

Common Auto Loan Terms

APR: Annual Percentage Rate - total cost of borrowing

MSRP: Manufacturer's Suggested Retail Price

GAP Insurance: Covers difference if car is totaled

Pre-approval: Loan approval before car purchase

Refinancing: Replacing existing loan with better terms

Trade-in: Using old car value as down payment

Pro Tip

Always negotiate the car price first, then discuss financing. A lower purchase price will save you money on both the principal and interest. Consider getting pre-approved for a loan from your bank or credit union before visiting dealerships to have leverage in negotiations.