How to use the Auto Loan Calculator:

Step 1: Choose a vehicle below
Step 2: Calculate monthly payment
Step 3: Schedule Test Drive

This auto payment calculator estimates monthly payments and total amount you will pay on your next new or used auto loan.

Simply enter the vehicle price, down payment, interest rate and term to calculate your monthly auto loan payments.

The “Total Amount to Pay” is the amount of principal and interest you will pay over the entire term of the loan.

Vehicle price ($)
Down Payment ($)
Interest rate (%)
Term (Months)
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Monthly Payment
Total Interest Payment
Total Amount to Pay
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Auto Loan FAQs

What is Auto Financing?

Auto Financing is when you take out a loan, which is a type of debt, to pay for a vehicle that costs more than what you can pay for at one time.

When you are approved for an auto loan, the lender will give you a certain amount of money in exchange for your promise to repay the lender that amount plus interest.

What else do I need to know about auto financing?

If you’re thinking about buying a new or used car, you should know how auto loan interest works. Read on to learn how car loan interest works so that you can get the best rate for your new or used vehicle.

What is Auto Loan Interest?

Auto loan interest is the extra money that you pay to the lender in exchange for the money given to you to purchase the car.

For example, if the car costs $19,000 and the loan interest rate is 3.0% with $0 down payment over a 60 month term, you will eventually pay a total amount of $22,484.60 by the end of the 5 years.

Why are good auto loan interest rates important?

When shopping for a new or used vehicle, you need to get the best loan interest rate that you can to reduce the total amount that you pay.

How is the auto loan interest rate determined?

The rate of interest offered on your car loan depends mainly on your monthly income and your credit score. The higher your credit score, the better the interest rate that will be offered to you by lenders.

What is a fixed interest rate auto loan?

Fixed interest rate auto loans lock in a low interest rate for the entire loan term.

What is a variable interest rate auto loan?

Variable interest rate auto loans usually start with a low interest rate that will increase over the entire loan term.

How do you get the best car loan interest rates?

Do some research online for banks and credit unions that offer the best car loan interest rate.

When in the market to buy a new car, dealers will often have the best option for financing your vehicle.

Are 0% auto loan interest rates good?

Be wary of 0% interest offers when buying a new car, as this usually requires a large down payment or extended loan terms that would translate to a higher interest rate overall.

How long should I finance my new car purchase?

Loans of up to 7 or 8 years with low down payment plans are popular these days to entice the buyer to make a purchase, but this would translate to higher monthly payments and a higher total payment.

It is usually best to consider a shorter loan term of 3 to 4 years, since this is the right balance between the total amount paid and the value of the vehicle as it ages.

Shorter auto loan terms make your car easier to sell since your car loan payoff balance is usually lower than the amount you can sell the car for.

How much should I put down on a car?

Car loan rates are determined by the amount of down payment you are willing to put down.

It is good to save some money first for a down payment so that you can get lower interest rates, lower monthly payments, and a lower total amount paid over the entire car loan term.

How can I buy a car with bad credit?

Although most people manage to lock in a low fixed interest rate, people with bad credit are offered significantly higher interest rates.

If your FICO score is under 680 points, you could be charged a interest rate as high as 22 to 30 percent!

However, if your score is just above 680, you should consider making a high down payment to qualify for lower interest rates.

How do I get the best interest rate at the Dealership?

Once you arrive at a dealership to buy your new car, make sure that the interest rate and the purchase terms match what you agreed upon with the salesperson.

The finance and insurance office, where you complete your financing paperwork, is a major source of profit for all dealerships — most of the profit is made by marking up the interest rate.

The auto loan interest rate is offered to the dealership at a “buy rate.” The dealership can mark up the rate given to the customer and retain the difference as additional profit.

If a finance manager says that the rate has changed from what you agreed to pay, ask for the buy rate as proof of the change in writing from the lender.