Calculator
Estimate your monthly auto loan payment before you buy, refinance, or compare dealer offers.
Auto loan estimate
Tips for a More Accurate Estimate
- Compare financing offers from your dealer, bank, and credit union before committing.
- Consider a larger down payment to reduce both monthly payment and total interest.
- Avoid overly long loan terms, which can leave you owing more than the car's worth for longer.
- Factor in sales tax, registration, and fees separately from the base vehicle price.
- Get pre-approved financing before shopping to know your realistic budget and negotiate better.
Frequently Asked Questions
What affects the interest rate on a car loan?
Credit score, loan term, whether the vehicle is new or used, and the lender all typically affect the rate offered, with used vehicles and longer terms often carrying somewhat higher rates.
How does a larger down payment affect my car payment?
A larger down payment reduces the amount financed, which lowers both your monthly payment and total interest paid over the life of the loan.
Should I choose a longer loan term for a lower payment?
A longer term lowers the monthly payment but increases total interest paid and can lead to being 'underwater' (owing more than the car is worth) for longer, since cars depreciate faster than the loan balance decreases in early years.
Does this calculator include taxes and fees?
No, this estimates payments based on financed amount, rate, and term. Sales tax, registration, and other fees typically need to be added to the amount financed or paid upfront separately.
Is it better to finance through a dealer or a bank?
Rates and terms can vary between dealer financing and outside lenders like banks or credit unions — comparing offers from multiple sources before committing typically helps secure the best rate.