Auto Loan Calculator
Calculate your auto loan payment, total interest, and total cost. Factor in down payment, trade-in, sales tax, and interest rate.
How This Calculator Works
Calculation methodology and assumptions
Auto loan payments use standard amortization. The loan amount is vehicle price + sales tax - down payment - trade-in value. Monthly payment = P × [r(1+r)^n] / [(1+r)^n - 1], where P = principal, r = monthly rate, n = number of payments.
Frequently Asked Questions
How much should I put down on a car?
Financial experts recommend putting at least 20% down on a new car and 10% on a used car. A larger down payment reduces your loan amount, lowers monthly payments, and may help you qualify for better interest rates.
What is a good interest rate for a car loan?
As of 2025-2026, good auto loan rates range from 5-7% for new cars and 7-10% for used cars with good credit. Rates under 5% are excellent. Rates above 10% are typically for borrowers with fair or poor credit.
Should I choose a 60 or 72 month car loan?
A 60-month (5-year) loan has higher monthly payments but less total interest. A 72-month (6-year) loan has lower payments but you pay significantly more interest and risk being underwater. Choose the shortest term you can afford.