Auto Loan Calculator — Monthly Car Payments
Estimate a monthly car payment, total interest, and a full amortization schedule — including trade-in value, sales tax, and fees.
Auto Loan Calculator
Monthly Payment & Total Cost Estimator
TRADE-IN & FEES
MONTHLY EXTRAS
Monthly Payment
$528
60-month loan at 6.5% APR
- Loan Amount
- $27,000
- Total of Payments
- $31,697
- Total Interest
- $4,697
$528
Monthly Payment
$4,697
Total Interest Paid
$34,697
Total Cost of Car
Cost Breakdown
- Principal
- Interest
- Tax & Fees
📊 Loan Term Comparison
| Term | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 36 mo | $828 | $2,791 | $29,791 |
| 48 mo | $640 | $3,735 | $30,735 |
| 60 mo ✓ | $528 | $4,697 | $31,697 |
| 72 mo | $454 | $5,679 | $32,679 |
| 84 mo | $401 | $6,679 | $33,679 |
📉 Loan Balance Over Time
📅 Amortization Schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | $6,339 | $4,724 | $1,616 | $22,276 |
| Year 2 | $6,339 | $5,040 | $1,300 | $17,237 |
| Year 3 | $6,339 | $5,377 | $962 | $11,859 |
| Year 4 | $6,339 | $5,738 | $602 | $6,122 |
| Year 5 | $6,339 | $6,122 | $218 | $0 |
Payoff date: Sep 2031
💡 Smart Auto Loan Tips
What Is an Auto Loan?
An auto loan is a secured loan used to purchase a vehicle — the car itself acts as collateral, meaning the lender can repossess it if you default on payments. Terms typically run 36 to 84 months, and rates depend heavily on credit score, loan term, and lender. The monthly payment formula is M = P×[r(1+r)^n]/[(1+r)^n−1], where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. For a broader loan comparison, see our loan calculator and interest rate calculator.
| Credit Score | Rating | New Car APR | Used Car APR |
|---|---|---|---|
| 720+ | Excellent | 5.0 – 6.5% | 6.5 – 8.0% |
| 660 – 719 | Good | 6.5 – 9.0% | 8.5 – 11.0% |
| 620 – 659 | Fair | 9.0 – 13.0% | 11.0 – 16.0% |
| 580 – 619 | Poor | 13.0 – 18.0% | 16.0 – 21.0% |
| Below 580 | Very Poor | 18.0%+ | 21.0%+ |
🏦 Direct Lending vs Dealership Financing
Getting pre-approved by a bank, credit union, or online lender before you visit the dealership gives you negotiating leverage and a real baseline rate to compare against. Dealership financing is convenient and sometimes offers manufacturer promotions, but can carry a marked-up rate — always compare the dealer's offer against your own pre-approval before signing.
💵 Should You Pay Cash or Finance?
Paying cash eliminates interest entirely and simplifies ownership. But at a low promotional rate — roughly under 4% — financing can make sense if that cash would otherwise earn a higher return invested elsewhere. At higher rates, paying cash usually wins unless you're carrying higher-interest debt that should be paid off first. See our cash back vs low interest calculator if you're weighing a rebate against a promotional rate.
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