Auto Loan Calculator
Calculate your monthly car payment, total interest, and full loan cost
Buying a car is a major financial decision. This Auto Loan Calculator helps you estimate your monthly payments and total loan cost, factoring in interest rates, sales tax, and trade-in value.
Calculator Inputs
Estimated state sales tax
Results
Enter values above to see your results
How It Works
The calculator determines your loan amount by subtracting your down payment and trade-in value from the vehicle price (plus tax). It then uses the amortization formula to calculate equal monthly payments over the loan term.
Tips & Best Practices
- •A larger down payment reduces your monthly payment and total interest paid.
- •Shorter loan terms (36-48 months) usually have lower interest rates but higher monthly payments.
- •Longer loan terms (72-84 months) lower your monthly payment but significantly increase total interest costs.
- •Aim to keep your car payment under 10-15% of your take-home pay.
Frequently Asked Questions
Does the calculator include insurance?
No, this calculator only estimates the loan payment. You should budget separately for insurance, gas, and maintenance.
What is a good interest rate for a car loan?
Interest rates vary by credit score and economic conditions. Generally, a rate below 5-6% is considered good for a new car, while used car rates are typically higher.
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