Free Auto Loan Calculator Online
Use this free auto loan calculator to estimate your monthly car payment before you visit the dealership. Enter the vehicle price, your down payment, trade-in value, interest rate, loan term, and sales tax — the auto loan calculator shows your monthly payment, total interest, and complete cost breakdown.
Monthly Payment
Enter your details to calculate
How This Auto Loan Calculator Works
The auto loan calculator starts by determining your financed amount: vehicle price minus down payment minus trade-in value, plus sales tax. It then applies the standard loan amortization formula to calculate your fixed monthly payment over the selected term.
Consider a $32,000 car with $4,000 down, a $3,000 trade-in, 6% sales tax, and 5.9% APR for 60 months. The auto loan calculator computes: taxable amount = $32,000 - $3,000 = $29,000, tax = $1,740, financed amount = $29,000 + $1,740 - $4,000 = $26,740. Monthly payment comes to $516 with $4,231 in total interest.
The pie chart breaks down exactly where your money goes — principal, interest, and sales tax — so you can see the true cost of the vehicle at a glance. Try adjusting the down payment or term length to find a payment that fits your monthly budget.
Average Auto Loan Rates by Credit Score
Rates vary by lender, vehicle age, and loan term. Credit unions often offer the most competitive auto loan rates. Use the auto loan calculator above to test different rate scenarios.
3 Tips for a Better Car Deal
Get Pre-Approved
Walk into the dealership with a pre-approved auto loan from your bank or credit union. This gives you a baseline rate to negotiate against dealer financing. Dealers may beat your rate to earn the financing commission, saving you money on every monthly payment.
Keep It Under 60 Months
Loans over 60 months carry higher rates and put you at risk of owing more than the car is worth. A $35,000 car at 6% for 84 months costs $4,300 more in interest than the same loan at 60 months. Use the auto loan calculator to compare term lengths before you sign.
Factor in Total Cost
A low monthly payment can hide a high total cost. Always check the auto loan calculator's total paid figure. Insurance, maintenance, and fuel add 30-50% to your annual ownership cost beyond the loan payment itself.
Frequently Asked Questions
Disclaimer: This auto loan calculator is for estimation purposes only. Actual loan terms, fees, taxes, and insurance costs may vary. Consult your lender and review the full loan agreement before committing to a car purchase.
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