Auto Loan Calculator
Calculate your monthly car payment from vehicle price, down payment, rate and term.
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The auto loan calculator computes your monthly car payment based on the vehicle price minus your down payment, at your interest rate and chosen term. Longer terms mean lower monthly payments but more total interest. A 60-month loan is the most common choice, balancing affordability with total cost.
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Frequently asked questions
As of 2025-2026, good rates for new cars range from 4.5-6.5% for borrowers with good credit (700+). Used car rates are typically 1-2% higher. Credit unions often offer the best auto loan rates.
A 20% down payment is ideal because it prevents being underwater on the loan (owing more than the car is worth). At minimum, aim for 10% on new cars and 10-20% on used cars.
Longer loans reduce monthly payments but increase total interest and risk being underwater. A 72-month loan at 5.9% on $30,000 costs about $3,000 more in interest than a 48-month loan. Keep terms at 60 months or less when possible.
No, this calculates the loan payment on the financed amount only. Add sales tax (varies by state), registration fees and dealer fees to the vehicle price for a more accurate estimate.
Buying costs more upfront but you own the car outright after the loan. Leasing has lower monthly payments but you must return the car and have mileage limits. If you drive over 12,000-15,000 miles per year, buying is usually better.