About this Auto Loan Calculator
Estimate your monthly car payment, total interest, and full cost of financing. Adjust price, down payment, trade-in, sales tax, APR, and term to compare scenarios before you negotiate.
How credit score affects your rate
Borrowers above 720 see rates around 5–7%. Subprime borrowers (under 600) often pay 14–20%+. On a $25,000 5-year loan, that gap can mean over $7,000 in extra interest. Pull your credit, fix errors, and pay down balances 60–90 days before financing.
Tips for the best deal
Get pre-approved at your bank or credit union before stepping into a dealership. Negotiate the out-the-door price, not the monthly payment — long terms can hide expensive loans. Decline most add-ons like extended warranties and gap insurance unless you've researched them.
Frequently Asked Questions
What's a good interest rate on a car loan?
5–7% is competitive on new cars for borrowers with 720+ credit. Used rates run 1–2% higher. Anything above 10% with good credit is worth shopping around.
Should I put a large down payment on a car?
10–20% lowers your monthly payment and helps avoid being underwater. Going beyond that only makes sense if your savings are otherwise earning low interest.
Are 72 or 84-month loans a bad idea?
Long terms reduce monthly payments but dramatically raise total interest and increase the risk of owing more than the car is worth. Aim for 60 months or less.