Auto Loan Calculator

Calculate your exact monthly car payment, total interest, and true cost of financing. Adjust your down payment and term to find the right payment for your budget.

Vehicle & loan details Includes fees & taxes
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Avg new car: 6.8% | used: 11.7%
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Varies by state
Frequently asked questions
What credit score do I need for a good auto loan rate? ›
Auto loan rates vary significantly by credit score. Borrowers with excellent credit (720+) typically qualify for rates below 5%. Good credit (680–719) sees rates around 6–8%. Fair credit (580–679) often pays 10–15%+. Poor credit may face rates above 20%. Even a 1% rate difference on a $30,000 loan over 5 years can mean $750+ in extra interest.
Should I finance through a dealer or bank? ›
Dealers offer convenience and sometimes promotional rates (0% financing on new cars from manufacturers), but can mark up rates to earn profit. Banks and credit unions often offer more competitive rates. Always get pre-approved by your bank or credit union first, then compare to the dealer's offer. You have more negotiating power when you have a competing offer.
What is a good loan term for a car? ›
A 48-60 month loan is generally considered optimal. Shorter terms (24-36 months) mean higher payments but less interest. Longer terms (72-84 months) lower your payment but you pay significantly more interest and risk becoming "underwater" on the loan (owing more than the car is worth) as vehicles depreciate quickly.
What does it mean to be "upside down" on a car loan? ›
Being upside down (or underwater) means you owe more on your auto loan than the car is worth. This commonly happens with long loan terms (72-84 months) because cars depreciate faster than you pay down the principal. If you need to sell or total the car, you'd still owe the difference. A larger down payment and shorter term help avoid this.

About this auto loan calculator

Our auto loan calculator factors in the full picture — vehicle price, down payment, trade-in value, sales tax, and financing terms — to show your true monthly payment and total cost of ownership. Most dealerships quote just the payment without showing total interest cost, which can be misleading.

New vs. used car financing

New car loans typically carry lower interest rates because new vehicles have predictable value. Used cars often have higher rates due to greater depreciation risk. However, even with a higher rate, a used car can be far less expensive overall due to the lower purchase price.