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Auto Loan Calculator

Calculate your monthly car loan payment including vehicle price, down payment, trade-in value, sales tax, fees, and interest — with full amortization.

Vehicle price ($)

Down payment ($)

Trade-in value ($)

Annual interest rate (%)

Sales tax rate (%)

Fees & other charges ($)

Loan term (months)

⚠️ Please enter at least the vehicle price and annual interest rate.

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Everyday Uses

Car shopping

Walk into the dealership already knowing your monthly payment, including sales tax and your trade-in.

Dealer vs bank financing

Compare the dealer's offer against your bank or credit union pre-approval to spot the better deal.

Term trade-offs

See how a 72-month loan lowers the payment but raises total interest versus 48 months.

Down payment sizing

Test how different down payments change both the monthly bill and the total cost of the car.

When you owe more than the car is worth

A car depreciates faster than a long loan pays down. Comparing the balance curve against likely resale value shows how many years you would spend in negative equity.

The add-ons sold in the finance office

Gap insurance, paint protection and extended warranties are usually rolled into the loan, where they quietly attract interest for the whole term rather than being paid once.

Frequently Asked Questions

What are current auto loan interest rates in 2024?

Average auto loan rates in 2024: new car 60-month loan — 5.27% (excellent credit 750+), 7.5% (good 690–749), 11.5% (fair 630–689), 16%+ (poor under 630). Used car rates run 1.5–3% higher. Credit unions typically offer rates 1–2% lower than dealerships. Always get pre-approved from your bank before negotiating at the dealer.

How much should I put down on a car?

Financial advisors typically recommend 20% down for a new car and 10% for used. A $30,000 new car: put down $6,000. This avoids being "underwater" (owing more than the car is worth), reduces monthly payments, and lowers total interest. Many lenders offer better rates with larger down payments.

How does a trade-in value reduce my auto loan?

Trade-in value is deducted from the car's purchase price before financing. Trading in a $10,000 car on a $30,000 purchase means financing only $20,000 (minus any additional down payment). This reduces monthly payments and total interest. Get independent trade-in valuations from CarMax, KBB, or Edmunds before visiting the dealership.

What is a good auto loan term length?

The average new car loan term is now 72 months, but 36–48 months is financially optimal. A $30,000 loan at 7%: 48-month payment = $717/month, total interest = $4,416. 72-month payment = $514/month but total interest = $7,035. The 72-month loan costs $2,619 more. Longer terms also leave you in negative equity longer.

Should I finance through the dealer or my bank?

Dealers often mark up the interest rate (dealer reserve), keeping the difference as profit. Getting pre-approved by your bank or credit union first gives you a benchmark rate to negotiate against. Dealer financing promotions (0% for 12 months) can be genuinely good deals — but only if you can pay it off before the promotional period ends.