🚗 Auto Loan Calculator
Calculate car loan payments, compare financing options, trade-in value, and total ownership cost.
Vehicle Info
Out-The-Door Price
$37,900.00
Down & Trade-In
Loan Terms
Monthly Costs
Lease Terms
Monthly Payment · United States
$657.08
⚖️ Loan vs Cash vs Lease
Auto Loan
$657.08/mo
5yr: $60,425
Pay Cash
—
5yr: $58,900
Lease
$572.47/mo
5yr: $57,348
📅 Term Comparison
36mo
$1,038.74
$2,994.60
48mo
$800.02
$4,001.09
60mo
$657.08
$5,024.80
72mo
$562.02
$6,065.68
📊 APR Impact on Monthly Payment
3.5%
$625.80
4.5%
$641.32
5.5%
$657.08
6.5%
$673.08
7.5%
$689.31
💰 Down Payment Impact
🔧 Total Ownership Cost (5 Years) (5yr)
5-Year Total: $60,425
How Auto Loan Works
Formula
Monthly Payment = P × r × (1+r)^n / ((1+r)^n - 1) P = Vehicle Price + Tax + Fees - Down Payment - Trade-In r = APR ÷ 12 n = Loan Term (months)
📊 Example
• $35,000 car, 10% down, 6% tax, $500 dealer fee, 60 months at 5.5% APR:
• Loan amount: $31,600 · Monthly: $603 · Total interest: $4,580
• With $5,000 trade-in: Loan drops to $26,600 · Monthly: $508 · Save $1,140 in interest
❓ FAQ
How is auto loan monthly payment calculated?＋
Using the PMT formula: P × r × (1+r)^n / ((1+r)^n - 1), where P is the financed amount after down payment and trade-in, r is monthly rate, n is months.
Should I pay cash or finance a car?＋
Pay cash to avoid interest. Finance if you can earn more investing the cash than the loan APR. Compare rates: a 5% loan is cheaper than losing 7% investment returns.
What is a good APR for a car loan?＋
New cars: 4-7% (excellent credit) to 12-15% (poor credit). Used cars typically 1-3% higher. Shop around with banks, credit unions, and dealer financing.
How does trade-in affect my car loan?＋
Trade-in value directly reduces the amount you need to finance. If you owe more than the trade-in value (negative equity), it gets added to your new loan.
What's better: 60-month or 72-month car loan?＋
60-month loans have higher payments but significantly less total interest. 72-month loans spread payments thinner but cost more overall and may lead to negative equity.
Is leasing better than buying a car?＋
Leasing offers lower monthly payments but no ownership. You're essentially renting and paying for depreciation. Best if you want a new car every 3 years.
What fees are included in a car loan?＋
Common fees: origination fee, documentation fee, title and registration. Sales tax is based on purchase price in most states. Dealer fees can add $500-1,000+.
How much car can I afford?＋
The 20/4/10 rule: 20% down, 4-year maximum term, total car costs ≤10% of gross income. Alternatively, use our mortgage affordability calculator for broader budgeting.