Compare loan terms
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Assumes a fixed rate and equal monthly payments. Tax rules and fees vary by location and dealer. Ask your lender for the exact amount financed before you sign. For education only, not financial advice.
What this car loan calculator does
This car loan calculator works out what a car will really cost you to finance. Unlike a simple loan calculator, it includes the details that change the amount you borrow:
- your down payment
- your trade-in, including any amount still owed on it
- sales or purchase tax, if it applies where you buy
- registration and dealer fees
It then shows your monthly payment, the amount financed, the total interest, what you pay upfront, and the total cost of the car, with a side-by-side comparison of loan terms from 36 to 84 months.
How to use it
- Car price: the agreed price of the car.
- Down payment and trade-in: what you're putting toward the car.
- Still owed on your trade-in: if you still have a loan on your current car. If you owe more than it's worth, the calculator adds the difference to your new loan and warns you.
- Tax and fees: enter them if they apply, and choose whether they're paid upfront or added to the loan.
- Interest rate and term: the APR you've been offered, and the loan length.
Example
A $35,000 car with $5,000 down, at 7% over 60 months:
- Amount financed: $30,000
- Monthly payment: about $594
- Total interest: about $5,642
- Total cost of the car: about $40,642
For more figures by rate and term, see the $30,000 car loan payment and $40,000 car loan payment.
How the payment is calculated
Payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
Where P is the amount financed, r is the monthly interest rate (APR ÷ 12) and n is the number of monthly payments. Each payment covers that month's interest first, and the rest reduces your balance.
Tips for a cheaper car loan
- Choose the shortest term you can comfortably afford. Longer terms cost more interest.
- Put more down, to borrow less and avoid owing more than the car is worth.
- Get pre-approved by a bank or credit union, and compare it with dealer finance.
- Avoid rolling negative equity from your current car into the new loan if you can.
- Pay extra when you can. See how to pay off your car loan faster.
Frequently asked questions
Should I add tax and fees to the loan?
Paying them upfront means you borrow less and pay less interest. Adding them to the loan keeps more cash in your pocket today, but costs more overall.
What is negative equity?
It's when you owe more on your current car than it's worth. If you trade it in, the shortfall is usually added to your new loan, so you pay interest on it too.
Is a 72 or 84-month car loan a good idea?
It lowers the monthly payment, but you'll pay more interest and are more likely to owe more than the car is worth for several years. See 60 vs 72 month car loan.
Is my data saved?
No. The calculator runs in your browser, and nothing you enter is stored.
Related tools and guides
This calculator is for education only and is not financial advice. Tax rules, fees and loan terms vary by location and lender.