Car Payment Calculator
Calculate your monthly car payment based on vehicle price, down payment, trade-in value, interest rate, and loan term. See the true cost of financing.
Enter your loan details to calculate your monthly payment.
How It Works
Our car payment calculator uses the standard amortization formula to calculate your monthly payment based on the loan amount (price minus down payment and trade-in), interest rate, and loan term.
Longer loan terms result in lower monthly payments but higher total interest paid. A larger down payment reduces both your monthly payment and total interest. Consider all these factors when choosing your financing terms.
Remember to factor in additional costs like sales tax, registration fees, and extended warranty when budgeting for a vehicle purchase.
Frequently Asked Questions
What's a good interest rate for a car loan?
Interest rates vary by credit score, loan term, and whether the car is new or used. As of 2024, good rates for new cars range from 5-7% for excellent credit, 7-10% for good credit, and 10-15% for fair credit. Used car rates are typically 1-2% higher.
How much should I put down on a car?
Aim for at least 20% down on a new car and 10% on a used car to avoid being "upside down" on your loan. A larger down payment means lower monthly payments, less interest paid, and better loan approval odds.
Is a longer loan term better?
Longer terms (72-84 months) have lower monthly payments but cost significantly more in interest. A 72-month loan at 7% costs about $2,500 more in interest than a 48-month loan on a $30,000 car. Choose the shortest term you can afford.
Should I get preapproved before shopping?
Yes! Getting preapproved from a bank or credit union before visiting dealerships gives you negotiating power and a baseline rate to compare. Dealers may beat your rate, but you'll know what's fair.
Are 0% APR deals worth it?
0% APR can save thousands in interest, but these deals often require excellent credit and may come instead of cash rebates. Calculate the total cost both ways— sometimes a rebate with regular financing is cheaper than 0% APR.