Auto Loan Calculator
Calculate your monthly car payment, total interest, and true cost of financing.
Monthly Payment
$586.98
for 60 months
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Frequently Asked Questions
How is a monthly auto loan payment calculated?
Monthly payment = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the loan principal (price minus down payment and trade-in), r is the monthly interest rate, and n is the number of monthly payments.
What is a good interest rate for a car loan?
As of 2024, good credit (720+) typically qualifies for rates of 5–7% for new cars and 7–10% for used cars. Rates vary by lender, credit score, and loan term.
Should I choose a longer or shorter loan term?
Shorter terms (36–48 months) mean higher monthly payments but far less total interest. Longer terms (72–84 months) lower your monthly payment but you pay significantly more interest and risk being underwater on the loan.