Auto Loan Calculator
Enter your vehicle price, down payment, trade-in, and interest rate to see your monthly car payment, total interest cost, and payoff date — all in seconds.
How it works
The financed principal equals (vehicle price − down payment − trade-in) multiplied by (1 + sales tax rate). Standard amortization then calculates the fixed monthly payment. Total interest is monthly payment × term minus the principal. The payoff date is today plus the loan term in months.
Frequently Asked Questions
How does sales tax affect my car loan?
In most states, sales tax on a vehicle purchase is financed along with the vehicle price (minus your down payment and trade-in). This means you pay interest on the tax amount over the life of the loan. Some states allow you to pay tax separately at the DMV — check your state's rules.
How is my trade-in value applied?
Your trade-in value reduces the amount you need to finance, similar to a larger down payment. The formula used is: principal = (vehicle price − down payment − trade-in) × (1 + sales tax%). If your trade-in and down payment exceed the vehicle price, no financing is needed.
What auto loan term should I choose?
Shorter terms (36–48 months) mean higher monthly payments but less total interest and no underwater-loan risk. Longer terms (72–84 months) lower the monthly payment but cost significantly more in interest and often result in owing more than the car is worth for years. Most financial advisors suggest keeping auto loans under 60 months.
What APR can I expect on an auto loan?
Auto loan APRs vary widely based on credit score, term, and whether the car is new or used. As of 2024, buyers with excellent credit (750+) can find rates around 5–7% for new vehicles. Used car loans and borrowers with lower credit scores typically see rates of 8–15% or higher.