Auto Loan Calculator
Estimate your monthly car payment, compare loan terms, and see how APR, sales tax, trade-in value, and your down payment change the total cost of financing a vehicle.
Monthly Payment
$554
Loan Amount
$28,750
Total Interest
$4,519
Total Cost of Loan
$33,269
Loan Summary
Vehicle Price
$35,000
Sales Tax Amount
$2,250
Down Payment + Trade-In
$8,500
Selected Term
60 months
Compare Loan Terms
| Term | Monthly Payment | Total Interest |
|---|---|---|
| 24 months | $1,273 | $1,800 |
| 36 months | $873 | $2,690 |
| 48 months | $674 | $3,596 |
| 60 months | $554 | $4,519 |
| 72 months | $475 | $5,458 |
| 84 months | $419 | $6,414 |
How to Use
- Enter the vehicle price, trade-in value, and your planned down payment in dollars or percent.
- Set the local sales tax rate and the APR you expect to qualify for, or use one of the new or used vehicle rate suggestions.
- Choose a loan term from 24 to 84 months to update the payment instantly.
- Review the monthly payment, total interest, total cost, and side-by-side term comparison before shopping or visiting the dealership.
Frequently Asked Questions
How is an auto loan payment calculated?
Auto loan payments use the standard amortization formula based on the amount financed, annual percentage rate, and number of monthly payments. The calculator first adds sales tax, then subtracts your down payment and trade-in value to estimate how much you will actually finance.
What does APR mean on a car loan?
APR stands for annual percentage rate. It reflects the yearly borrowing cost of the loan, including interest and certain lender fees when applicable. A lower APR usually means a lower monthly payment and less total interest over the life of the loan.
Is a longer loan term better for a car loan?
A longer term lowers the monthly payment, but it usually increases the total interest you pay and can leave you upside down on the vehicle for longer. Shorter terms cost more each month but reduce interest and help you build equity faster.
Should I use my trade-in as a down payment?
Using a trade-in reduces the amount you need to finance, which can lower both your payment and total interest. In some states it can also reduce the taxable purchase amount. Still, compare the trade-in offer with private sale value to make sure you are getting a fair deal.