π Car Loan Calculator
Enter the vehicle price, down payment, term and APR to see your monthly auto loan payment, total interest and full payoff schedule.
Frequently Asked Questions
How is a car loan payment calculated?
Your monthly payment is M = P Γ r Γ (1+r)^n Γ· ((1+r)^n β 1), where P is the amount financed (price minus down payment), r is the monthly rate (APR Γ· 12) and n is the number of months. This calculator shows principal and interest only β sales tax, title, registration and dealer fees are not included.
How much should I put down on a car?
A common rule of thumb is 10β20% of the vehicle price (closer to 20% for a new car). A larger down payment lowers your monthly payment, cuts the total interest you pay, and reduces the risk of owing more than the car is worth early in the loan.
What APR can I expect on an auto loan?
It depends heavily on your credit score, the lender, and whether the car is new or used. Borrowers with strong credit often see single-digit APRs on new-car loans, while lower credit scores can mean rates well above 10%. Getting pre-approved by a bank or credit union gives you a baseline to compare against dealer financing.
Is a longer loan term a good idea?
72β84 month loans lower the monthly payment but usually cost far more in total interest β and you can end up "upside down" (owing more than the car is worth) for years. Pick the shortest term whose payment comfortably fits your budget.
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