Auto Loan Calculator
Calculate car loan payments with trade-in and term comparison.
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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 |
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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.
When to use this
You've found a car you like and the dealer is quoting you $550 a month over 72 months. That sounds manageable — but what does the total cost look like? This calculator shows the full picture: your monthly payment, total interest paid, and the all-in cost of the vehicle. Run the numbers before stepping onto the lot so you negotiate from a position of knowledge, not emotion.
It's also the right tool when you're weighing trade-offs. How much does a $3,000 larger down payment save you over the life of the loan? What happens if you go with 48 months instead of 72? What if you can get 5.9% from your credit union instead of the dealer's 7.2%? The term comparison table answers all of these questions side by side.
If you have a trade-in, enter its value separately. The calculator subtracts trade-in value from the vehicle price before computing the loan. If you owe more on your current car than it's worth (negative equity or being "upside down"), that remaining balance rolls into the new loan — and this calculator accounts for that.
Good to know
The formula is the same as any fixed-rate loan. Monthly Payment = P[r(1+r)^n] / [(1+r)^n - 1], where P = loan amount (price - down payment - trade-in), r = monthly interest rate, n = number of payments. The loan amount is what matters, not the sticker price.
Longer terms are more expensive than they look. A $35,000 loan at 6.5% over 60 months costs $685/month and $6,100 in interest. Stretch that to 72 months: $586/month sounds better, but total interest jumps to $7,400. At 84 months it's $516/month but $8,700 in interest. You're paying $2,600 more for the "convenience" of a lower payment.
Depreciation works against long loans. A new car loses roughly 20% of its value in year one and about 60% over five years. With a 72- or 84-month loan and minimal down payment, you can easily owe more than the car is worth for the first 3–4 years. If you total the car or need to sell, you're stuck covering the gap.
Get pre-approved before shopping. A pre-approval from your bank or credit union gives you a baseline rate and maximum loan amount. Dealers can try to beat it, but you won't be pressured into their financing without a comparison point. Credit scores above 720 typically qualify for the best rates.
The 20/4/10 rule is a solid guardrail. Put at least 20% down, finance for no more than 4 years (48 months), and keep total vehicle costs (payment + insurance + fuel) under 10% of gross monthly income. Not everyone can hit all three, but it prevents the most common car-buying overextensions.
Quick Reference
| Vehicle Price | Down Payment | Rate | 48 mo | 60 mo | 72 mo |
|---|---|---|---|---|---|
| $25,000 | $5,000 (20%) | 5.9% | $470/mo | $386/mo | $331/mo |
| $35,000 | $5,000 (14%) | 6.5% | $712/mo | $586/mo | $503/mo |
| $35,000 | $7,000 (20%) | 6.5% | $665/mo | $548/mo | $469/mo |
| $45,000 | $9,000 (20%) | 6.0% | $845/mo | $696/mo | $597/mo |
| $45,000 | $5,000 (11%) | 7.2% | $963/mo | $797/mo | $687/mo |