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CAR LOAN PAYMENT CALCULATOR

Estimate monthly principal and interest, total loan interest, and total payments for a new or used vehicle. Enter the APR and deal figures from the offer you want to evaluate.

Need to include insurance in your broader vehicle budget? Use the Car Insurance Cost Calculator separately; this page calculates the auto loan only.

Scope: Editable values are examples, not lender offers. The payment estimate assumes a fixed APR, equal monthly payments, no late payments, and no prepayment. Enter taxes, registration, add-ons, existing negative equity, and other financed costs in dollars from an out-the-door quote. Insurance, fuel, maintenance, and taxes paid outside the loan are excluded.
Loading the latest available 48-month new-auto loan average from FRED for economic context...

Editable vehicle-value assumptions for the negative-equity scenario

Your Auto Loan Breakdown

Vehicle Condition: -
Estimated Amount Financed: $0.00
Monthly Principal & Interest: $0.00
Total Estimated Interest: $0.00
Total of Loan Payments: $0.00

The payment formula treats the entered APR as a nominal annual rate divided into monthly periods. A contract using different accrual rules or an APR that includes additional finance charges may produce a different payment. The negative-equity section compares the scheduled balance with a simplified value path based on your depreciation assumptions; it is not an appraisal or GAP-coverage determination.

📖 Understanding Auto Loans

An auto loan is secured by the vehicle itself — miss enough payments and the lender can repossess it. Unlike a home, cars lose value fast, which makes loan structure matter more than most buyers realize.

New vs. used loan differences

Available APRs and term limits can differ between new and used vehicles and also depend on the vehicle's age, mileage, loan-to-value ratio, lender, and borrower profile. Do not add a generic used-car surcharge to a market average; compare written APR offers for the specific vehicle and deal.

Why loan term length matters so much

  • Negative equity risk — a small down payment, rolled-in costs, fast depreciation, or a long term can leave the loan balance above the vehicle's market value.
  • Total interest cost — extending the term usually lowers the required monthly payment but increases the time interest accrues. Compare total payments, not only the monthly figure.
  • Budget heuristics are not approval standards — rules such as 20/4/10 can be a starting point, but affordability also depends on insurance, fuel, maintenance, taxes, income stability, and other debts.

Dealer financing vs. bank pre-approval

✅ Bank/credit union pre-approval You have a written benchmark before discussing dealer financing and can compare APR, term, amount financed, and total payments.
❌ Dealer financing alone A dealer-arranged offer may be competitive, but without another written offer you have less information for judging the APR and financed add-ons.

Before signing, compare this estimate with the lender's Truth-in-Lending disclosure: APR, finance charge, amount financed, total of payments, payment schedule, late fees, and any prepayment terms. The CFPB explains these required auto-loan disclosures.

💡 Auto Loan Pro Tips & Tricks

🏦 Get Pre-Approved First — Make the Dealer Beat Your Rate

Get written offers from banks, credit unions, or other lenders before visiting the finance office. Dealer-arranged financing can include a markup, but it can also produce a competitive offer; compare APR, term, amount financed, add-ons, and total payments rather than assuming either source is automatically cheaper. See the FTC's pre-approval guidance.

🗓️ Keep Rate Shopping in a Short Window

Depending on the scoring model, multiple auto-loan inquiries made within roughly 14 to 45 days may be treated as one inquiry for scoring purposes. Keeping applications close together can reduce the impact, but the exact treatment is not guaranteed. Review the CFPB's auto-rate guidance.

💰 Negotiate Price and Financing Separately

Don't let a dealer collapse everything into one "monthly payment" number — that's how a low payment hides a long term or a marked-up rate. Lock the out-the-door price first, then talk financing.

🧮 0% APR vs. Cash Rebate — Run Both, You Rarely Get Both

If incentives cannot be combined, calculate two complete scenarios: the promotional APR without the rebate, and the rebate with the best outside APR you can obtain. Compare down payment, amount financed, total payments, and required monthly payment; dividing the rebate by the loan amount is not an accurate substitute for an amortized-loan comparison.

🛞 Get a Pre-Purchase Inspection (Used Cars)

For a used vehicle, consider an independent pre-purchase inspection by a qualified mechanic. Cost and scope vary, so confirm what the inspection includes and remember that it cannot guarantee the vehicle will be problem-free.

📉 Compare GAP Terms When Negative Equity Is Plausible

GAP is an optional product intended to cover some or all of the difference between the loan balance and an insurer's vehicle-value payment after a covered total loss or theft. Price, exclusions, limits, cancellation, and refund rules vary, so compare the contract rather than relying on this page's value scenario. See the CFPB's GAP explanation.