Calculate Accurate Auto Loan Payments

Buying a car involves more than just the sticker price. This auto loan calculator helps you estimate your total monthly payment by factoring in:

• Trade-in Value: The amount your dealer pays for your old car.
• Sales Tax: Calculated based on your state's rate (often after trade-in deduction).
• Fees: Title, registration, and documentation fees.

Use the "Compare Scenarios" button to see how a lower interest rate or a larger down payment can save you money.

Pay Off Your Car Faster

Most car loans calculate interest daily. This means making extra payments directly reduces your principal balance immediately, lowering the total interest you pay over the life of the loan.

Open the "Extra Payments" tab to see how adding just $50 a month can shorten your loan term by several months.

Auto Loan FAQ

How does trade-in value affect tax?

In many states, the value of your trade-in is deducted from the new car's price before sales tax is calculated. This acts as a tax credit, significantly reducing your upfront costs.

What is a good loan term?

While 72 or 84-month loans offer lower monthly payments, they often come with higher interest rates. A standard 60-month (5-year) term is usually the sweet spot for affordability and low interest costs.

What is APR vs. Interest Rate?

The interest rate is the cost of borrowing money. The APR (Annual Percentage Rate) includes the interest rate plus any lender fees. The APR gives you a truer picture of the loan's cost.

Should I make a large down payment?

Yes. A larger down payment reduces the amount you finance, which lowers your monthly payment and protects you from "being underwater" (owing more than the car is worth) as soon as you drive off the lot.