🚗 Auto Loan Calculator

Calculate your monthly car payment, total interest, and true cost of an auto loan including trade-in and down payment.

Vehicle & Loan Details

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Monthly Payment
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Loan Amount
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Total Interest
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Total Cost (all-in)
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Tax Amount
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How Auto Loans Work

An auto loan uses the vehicle as collateral. The lender pays the dealer, and you repay the lender with interest over the loan term. Your credit score, loan term, and vehicle age all affect your interest rate.

New vs. Used Car Rates

  • New cars: Typically 5–8% APR for good credit in 2024
  • Used cars: Usually 1–3% higher than new car rates due to added risk
  • Certified Pre-Owned: May qualify for manufacturer financing deals

Tips for Getting the Best Rate

  • Get pre-approved from your bank or credit union before visiting the dealer
  • A larger down payment lowers your rate and monthly payment
  • Shorter terms have higher monthly payments but significantly less total interest
  • Avoid "rolling in" negative equity from a trade-in if possible
Should I finance at the dealer or get my own loan? +
Always get pre-approved from a bank or credit union first. This gives you a benchmark rate and negotiating power. Dealer financing can sometimes beat bank rates (especially for new cars with manufacturer incentives), but having your own offer ensures you won't be overcharged.
What is GAP insurance? +
GAP (Guaranteed Asset Protection) insurance covers the "gap" between what you owe on your loan and the car's actual cash value if it's totaled or stolen. Cars depreciate quickly, so you can easily owe more than the car is worth. GAP insurance is most valuable in the first 2–3 years of a loan with a small down payment.