Car loan calculator ·

Car Loan Calculator

How to use: Enter the car price, down payment, trade-in value, sales tax, interest rate and loan length in months to see your monthly payment.

How a car loan payment is calculated

A car loan works like any fixed-rate loan. The lender finances the price of the car plus sales tax, minus your down payment and trade-in, and you repay it in equal monthly payments that include interest. This car loan calculator does that math and shows the total interest you will pay.

Example

On a $30,000 car with 6% sales tax, a $4,000 down payment and a 7% rate over 60 months, you would finance $27,800. The payment comes to about $550 a month, with roughly $5,200 in interest over the life of the loan.

Ways to lower the cost

A bigger down payment or trade-in reduces the amount financed. A shorter term raises the payment but cuts interest, while a longer term does the opposite. Compare rates from a bank or credit union before you visit a dealer, and check whether fees are rolled into the loan.

Frequently asked questions

Does this include insurance and registration?

No. Insurance, registration, fuel and maintenance are separate costs. Add them to your monthly budget when you decide what you can afford.

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Estimates for education only, not financial advice.