Auto Loan Calculator
Calculate your car payment with trade-in value, down payment, and total loan cost.
Important Notice
These calculators are for educational and informational purposes only. Results are estimates based on the information you provide and should not be considered financial, tax, or investment advice. Your actual results may vary. For personalized guidance, please consult a qualified financial advisor, tax professional, or other appropriate expert.
People Also Ask
How is my car payment calculated?
Car payments are based on loan amount (price minus down payment and trade-in), interest rate, and loan term. Sales tax is typically added to the financed amount in most states.
What is a good interest rate for a car loan?
Rates vary by credit score: excellent (720+) may see 4-7%, good (670-719) around 7-10%, fair (580-669) around 10-15%. New cars typically have lower rates than used.
Should I choose a longer loan term for lower payments?
Longer terms (72-84 months) lower payments but cost significantly more in interest and increase risk of owing more than the car is worth. Shorter terms (48-60 months) cost less overall but have higher payments.
How does trade-in value affect my loan?
Trade-in value reduces the amount financed. A $5,000 trade-in on a $30,000 car means financing $25,000 (plus tax). Negative equity from a current loan adds to financing.
What is the 20/4/10 rule for car buying?
The 20/4/10 rule is a budgeting guideline: 20% down payment, 4-year (48-month) maximum loan term, and total car expenses under 10% of gross income. It is one framework for evaluating car affordability.
How much car can I actually afford?
Common guidelines suggest total car expenses (payment, insurance, fuel, maintenance) at 10-15% of take-home pay. A $500 payment may seem affordable, but total costs often reach $700-900/month.