Auto Loan Calculator | Professional Financial Tool Auto Loan Calcu...
Auto Loan Calculator
Calculate your monthly car payment, total interest, and total cost with our professional auto loan calculator
Loan Details
Results Summary
Monthly Payment
$576.30
Total Interest
$4,578.00
Total Payment
$34,578.00
Loan Amount
$30,000.00
70%
Principal: $30,000
Interest: $4,578
How to Use This Calculator
- Enter the car price - Input the total price of the vehicle you're considering.
- Set your down payment - Enter the amount you plan to pay upfront (can be $0).
- Choose loan term - Select the length of your loan in months (typically 36-84 months).
- Input interest rate - Enter the annual interest rate offered by your lender.
- Click Calculate - View your monthly payment, total interest, and complete loan breakdown.
- Analyze the chart - Understand how much you'll pay in principal vs. interest.
- Print or save - Use the print button to save your calculation for future reference.
Frequently Asked Questions
What is the difference between a loan term and interest rate?
The loan term is the length of time you have to repay the loan (e.g., 60 months). The interest rate is the annual percentage charged on the loan amount, which affects your monthly payment and total cost.
How does my down payment affect my monthly payment?
A larger down payment reduces your loan amount, which directly lowers your monthly payment and total interest paid over the life of the loan. It can also help you secure better interest rates.
What is considered a good interest rate for an auto loan?
Good auto loan interest rates typically range from 3% to 6% for borrowers with excellent credit (750+ credit score). Rates can be higher for lower credit scores, sometimes exceeding 10-15%.
Should I choose a shorter or longer loan term?
Shorter loan terms mean higher monthly payments but significantly less total interest paid. Longer terms reduce monthly payments but increase total interest costs. Choose based on your budget and long-term financial goals.
Does this calculator include taxes and fees?
This calculator focuses on the core loan calculation. In reality, you should also consider sales tax, registration fees, dealer fees, and other costs that may be added to your loan amount or paid separately.
How accurate are these calculations?
These calculations are mathematically accurate based on the inputs provided. However, actual lender calculations may include additional fees, different compounding methods, or rounding differences. Always verify with your lender.
Can I use this calculator for refinancing my current auto loan?
Yes! Simply enter your remaining loan balance as the "car price" and set the down payment to $0. Input your remaining loan term or the new term you're considering, along with the new interest rate.
What credit score do I need for the best auto loan rates?
Generally, a credit score of 720 or higher qualifies you for the best auto loan rates. Scores between 660-719 are considered good, while scores below 660 may result in higher interest rates or difficulty getting approved.