Car Loan Calculator
Calculate monthly car payments with trade-in and down payment
Enter values above to calculate
How to Use
- Enter the car's purchase price.
- Enter your down payment amount and trade-in vehicle value (if any).
- Enter the annual interest rate from your lender.
- Select the loan term in months (24, 36, 48, 60, or 72 months are common).
- Click 'Calculate' to see your monthly payment and total loan cost.
About Car Loans
How Loan Amount is Determined
Your auto loan amount = Car Price − Down Payment − Trade-in Value. If you buy a $30,000 car with $5,000 down and trade in your old car for $8,000, your financed amount is only $17,000. Reducing the financed amount significantly lowers both monthly payments and total interest.
Typical Car Loan Terms
Auto loans commonly range from 24 to 84 months. Shorter terms (24–36 months) mean higher payments but less interest. Longer terms (60–84 months) lower monthly payments but increase total cost. A 60-month loan at 7% on $25,000 costs $4,701 in interest; the same loan at 84 months costs $6,669.
New vs. Used Car Rates
New car loans typically have lower interest rates than used car loans because new vehicles have higher resale value as collateral. Used car loans often carry rates 1–3% higher. Your credit score also greatly impacts your rate — excellent credit (720+) can qualify for rates near 0% from some manufacturers.
Total Cost of Car Ownership
The sticker price is just the beginning. Factor in insurance (average $1,500–$2,000/year), fuel, maintenance, registration, and depreciation. A car loses roughly 20% of value in the first year and 15% each subsequent year. The total cost over 5 years often exceeds twice the purchase price.
Key Features
- Calculates net loan amount after down payment and trade-in deduction
- Common loan terms available as quick select options
- Shows total interest and total cost over the full loan period
- Instant results for comparing different down payment scenarios