Car Loan Calculator
Calculate your monthly car payment and total interest on your auto loan.
Quick Answer
Calculate your monthly car payment and total interest on your auto loan. Enter the loan amount, rate, and term to see your payment breakdown.
How to Use This Calculator
Enter the car purchase price minus your down payment as the loan amount, then add your expected APR and loan term in years. The calculator shows your monthly payment, total interest paid over the loan life, and the total cost of the car including interest. Use the down payment field to see how a larger down payment reduces your monthly payment. Try different loan terms (3, 5, or 7 years) to find the right balance between affordable monthly payments and total interest cost.
Why Car Loan Shopping Matters
Car loans are one of the most common forms of consumer debt. The average new car loan in the US is over $40,000 with terms stretching to 72 months or longer. A 1% difference in APR can save or cost you thousands over the life of the loan. Longer terms mean lower monthly payments but significantly more total interest. Shopping around for the best rate and making a larger down payment are the most effective ways to reduce your total cost. Use this calculator to compare scenarios before visiting a dealership.