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Auto Loan Calculator – Monthly Car Payment, Interest & Total Cost

Financing a car is one of the most common major purchases people make, and the monthly payment only tells part of the story. A longer loan term may seem affordable month-to-month but can cost thousands more in interest and leave you 'underwater' (owing more than the car is worth) for years. This calculator shows the complete financial picture.

Enter the vehicle price, down payment, trade-in value, interest rate, and loan term to see your monthly payment, total interest paid, and total cost of the loan. Use the comparison feature to evaluate different term and rate combinations side by side.

How to use the Auto Loan Calculator

Enter the vehicle price.

Enter your down payment amount.

Enter your trade-in value (if applicable).

Enter the APR from your lender or dealer.

Select the loan term (typically 36–84 months).

View monthly payment, total interest, and total cost.

Monthly Payments by Loan Amount, APR & Term
Loan Amount	APR	48 Months	60 Months	72 Months	84 Months
$20,000	6%	$470	$387	$331	$293
$30,000	7%	$719	$594	$512	$454
$40,000	8%	$976	$811	$702	$625
$50,000	9%	$1,244	$1,037	$901	$806

Auto Loan Calculator FAQ

What is a good APR for an auto loan?

Borrowers with excellent credit (750+ FICO) typically receive 5–7% APR. Good credit (700–749) sees 7–10%. Fair credit (620–699) often 10–17%. Below 620 is subprime (17%+). Getting pre-approved from a bank or credit union before visiting the dealer gives you negotiating leverage.

Should I choose a longer or shorter loan term?

Shorter terms (36–48 months) cost less in total interest and build equity faster. Longer terms (72–84 months) lower the monthly payment but cost significantly more overall and increase the risk of negative equity (owing more than the car is worth).

What is negative equity (being underwater)?

When your loan balance exceeds the car's current market value. New cars depreciate quickly — a car may be worth 20% less than you paid within the first year. Long loan terms increase the time you spend underwater.

Is dealer financing or bank financing better?

Compare both. Dealers sometimes offer manufacturer-subsidised promotional rates (0% for 60 months) that beat banks. Other times, banks or credit unions offer better rates than dealers' financing markup. Always get pre-approved before shopping.