Auto Loan Calculator
Calculate your monthly car payment and total loan cost.
โน๏ธAbout This Calculator
Buying a car is the second-largest purchase most people make. This calculator breaks down your full auto loan cost โ monthly payment, total interest, and total amount paid โ so you can compare dealer financing vs. bank rates and choose the smartest option.
Frequently Asked Questions
Should I put more money down on a car loan?
Yes โ every dollar down reduces the loan amount and total interest. A larger down payment lowers your monthly payment and reduces the risk of going "upside down" (owing more than the car is worth) as it depreciates.
Is dealer financing or bank financing better?
Banks and credit unions usually offer lower rates than dealers, especially for buyers with good credit. Always get a pre-approval from your bank first, then compare โ dealers sometimes match or beat bank rates to close a deal.
What is a good interest rate for a car loan in 2025?
For excellent credit (720+), expect 5โ7% on new cars. Fair credit (620โ720) typically sees 8โ12%. Rates above 15% usually mean you should work on credit before buying, or it will cost significantly more over the life of the loan.
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For informational purposes only. Calculator results are estimates based on the inputs you provide. This is not financial, investment, tax, or legal advice. Consult a qualified financial professional before making major financial decisions.