Auto Loan Calculator
Modify the values and click the Calculate button to use
Monthly Payment
$754.85
Principal & Interest
Loan Details
Loan Summary
Total Loan Amount:$40,000.00
Sales Tax:$3,500.00
Upfront Payment:$15,500.00
Total of Loan Payments:$45,290.96
Total Loan Interest:$5,290.96
Total Cost (price, interest, tax, fees):$60,790.96
Total Cost:
$60,790.96
Loan Breakdown
Principal: 88%
Interest: 7%
Tax & Fees: 5%
Principal
$50,000
Interest
$5,291
Tax & Fees
$3,500
Total
$60,791
Financial Calculators
System Idle:00:00:00
Idle Time:00:00:00
Start IST:2026-02-11 17:45:00
End IST:2026-11-02 20:26:00
About Auto Loan Calculator
What is an Auto Loan? A secured loan used to purchase a vehicle. The car is the collateral. You borrow the price minus your down payment and repay with interest over a fixed term.
Key Factors:
- Loan Amount: Vehicle price minus down payment, trade-in & incentives.
- Interest Rate (APR): Annual borrowing cost — lower is better.
- Loan Term: Shorter = higher payments but less total interest paid.
- Sales Tax: Varies 0%–7.25% by state on vehicle price.
- Trade-in: Reduces loan amount if you have positive equity.
Tips to Save: Larger down payment reduces principal. Better credit score unlocks lower APR. Always compare lender offers before signing.
Frequently Asked Questions
How is the monthly payment calculated?
Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1]. Where P = principal, r = monthly rate, n = number of payments. At 0% rate: payment = principal ÷ term.
What credit score do I need for a good rate?
700+ qualifies for competitive rates. 750+ typically gets the best prime APR. Below 600 may qualify at higher subprime rates.
Longer or shorter loan term — which is better?
Shorter terms (24–36 mo) mean less total interest. Longer terms (60–84 mo) lower monthly payments but raise overall cost.
What is a good down payment for a car?
20% for new cars, 10% for used. More down = smaller loan, lower monthly payment, and less total interest paid overall.
Can I pay off my auto loan early?
Most auto loans allow early payoff without penalty. Paying early saves interest. Check your agreement for any prepayment penalty clauses first.