Use this free car loan calculator to see what your auto loan will really cost. Enter the car price, down payment and interest rate to get your monthly car payment, the total interest you will pay and how the balance falls each year. It works as an auto loan calculator for new and used cars, in any currency.
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Free to use on your blog or website. Paste this code where you want the calculator to appear, for example in a Custom HTML block in WordPress.
How to use this calculator
- Choose your currency at the top.
- Enter the car price, your down payment and any trade-in value.
- Add sales tax and fees only if they are not already in the price and you plan to finance them.
- Enter the interest rate (APR) and pick a loan term. The results update as you type.
How the payment is calculated
Car loans are usually amortizing loans: you pay the same amount every month, and each payment covers that month’s interest plus part of the balance. Early payments are mostly interest; later payments are mostly principal. The monthly payment is P × r ÷ (1 − (1 + r)−n), where P is the amount borrowed, r is the yearly rate divided by 12, and n is the number of months.
Ways to lower your car loan cost
- Put more down. A smaller loan means less interest every month.
- Choose a shorter term. Monthly payments are higher, but total interest is much lower.
- Compare rates before you visit the dealer. Even 1% less can save a noticeable amount over five years.
Frequently asked questions
What is a good loan term for a car?
Many buyers choose 36 to 60 months. Longer terms such as 72 or 84 months lower the payment but raise total interest, and you may owe more than the car is worth for several years.
Is APR the same as the interest rate?
Not always. APR can include some lender fees, so it is the better number for comparing offers. Use the APR from your loan offer for the most accurate result.
How do I calculate my monthly car payment?
Multiply the loan amount by the monthly interest rate, then divide by 1 minus (1 + monthly rate) to the power of minus the number of months. The car payment calculator above does this for you, and adds sales tax and fees if you finance them.
Can I use this for a used car loan?
Yes. The maths is the same for new and used car loans. Used car loans often carry a slightly higher interest rate, so enter the APR from your actual offer.
Results are estimates for planning only. Your lender’s offer and loan documents decide the actual payment. Related: How much car can I afford? · Early payoff calculator
Car Payment Table: Monthly Payment for $10,000 to $100,000
$10,000 · $15,000 · $20,000 · $30,000 · $35,000 · $45,000 · $50,000 · $60,000 · $65,000 · $75,000 · $80,000 · $100,000 · See the full table