Auto Loan Calculator
Calculate car loan payments with trade-in and term comparison.
Monthly Payment
$586.98
| Term | Monthly | Total Interest | Total Cost |
|---|---|---|---|
| 24 mo | $1,336.39 | $2,073.30 | $32,073.30 |
| 36 mo | $919.47 | $3,100.92 | $33,100.92 |
| 48 mo | $711.45 | $4,149.53 | $34,149.53 |
| 60 moselected | $586.98 | $5,219.07 | $35,219.07 |
| 72 mo | $504.30 | $6,309.45 | $36,309.45 |
| 84 mo | $445.48 | $7,420.58 | $37,420.58 |
What's a Good Interest Rate for a Car Loan?
Auto loan rates depend heavily on your credit score and the loan term. General ranges:
| Credit Tier | Credit Score | Typical Rate Range |
|---|---|---|
| Excellent | 720+ | 4% - 6% |
| Good | 690-719 | 6% - 8% |
| Fair | 630-689 | 8% - 12% |
| Poor | Below 630 | 12% - 20%+ |
These are approximations -- rates vary by lender, whether the car is new or used, and current market conditions. Credit unions often offer lower rates than dealerships. Getting pre-approved before visiting a dealer gives you negotiating power.
How Loan Term Affects Total Cost
On a $35,000 vehicle at 6.5% interest:
| Term | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 36 months | $1,072 | $3,586 | $38,586 |
| 48 months | $831 | $4,870 | $39,870 |
| 60 months | $685 | $6,098 | $41,098 |
| 72 months | $589 | $7,382 | $42,382 |
Choosing 72 months instead of 36 cuts your payment by $483/month but costs $3,796 more in interest. More importantly, long-term loans increase the risk of being "underwater" -- owing more than the car is worth as it depreciates.
The Case for a Down Payment
Making a down payment reduces your loan amount, which means lower monthly payments and less total interest. It also protects against depreciation -- new cars lose 15--20% of their value in the first year. With no down payment, you may owe more than the car is worth within months.
A common guideline: put 20% down on a new car, 10% on a used car. Even if you finance the trade-in, factor in the net equity you're receiving.
Free Auto Loan Calculator
Estimate your monthly car payment before visiting the dealership. Enter the vehicle price, your down payment, any trade-in value, the interest rate, and choose a loan term to see your monthly payment, total interest, and total cost. The term comparison table shows how different loan lengths affect both your monthly payment and total cost.
A larger down payment reduces your loan amount and monthly payment, and may qualify you for a better interest rate. Trade-in value is subtracted from the vehicle price before calculating the loan. If you owe more on your current car than its trade-in value (negative equity), that difference gets added to your new loan.
Choosing the Right Loan Term
Shorter loan terms (24–36 months) mean higher monthly payments but significantly less total interest. Longer terms (60–84 months) lower your monthly payment but cost more overall and increase the risk of being "underwater" — owing more than the car is worth. Financial experts generally recommend keeping auto loans to 48–60 months maximum.