Auto Loan Calculator
Calculate your estimated auto loan payments, total interest, and total cost with our free car loan calculator.
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Auto Loan FAQs
How is my monthly payment calculated?
We use the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly interest rate, and n is number of months.
Should I put money down?
Yes, a down payment reduces your loan amount, lowering your monthly payment and the total interest you will pay over the life of the loan.
Does trade-in value reduce sales tax?
In most states, trading in a vehicle reduces the taxable amount of your new car purchase, which can save you significant money on sales tax.
What is a good APR?
A good APR depends on your credit score and the market, but typically prime borrowers receive rates between 3% and 7%.
Is a 72-month loan a good idea?
Longer loans lower your monthly payment but increase total interest paid. They also increase the risk of negative equity.
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