Calculate your monthly car loan payment, total interest costs, and loan terms. Compare financing options and find the best auto loan for your budget.
20.00% of vehicle price
Disclaimer: This calculator provides estimates only. Actual loan terms, rates, and payments may vary based on your credit score, income, and lender requirements. Sales tax rates and fees vary by location.
For accurate loan information, please consult with a qualified auto lender or financial advisor.
Car loans are installment loans that allow you to purchase a vehicle and pay it off over time. Understanding how car loans work can help you make informed decisions about vehicle financing.
Car loan terms typically range from 36 to 84 months. Longer terms mean lower monthly payments but higher total interest costs. Interest rates depend on your credit score, loan term, and vehicle type.
A larger down payment reduces your loan amount and monthly payment. Trading in your current vehicle can also reduce the amount you need to finance. Aim for at least 10-20% down payment when possible.
Dealer financing is convenient but may have higher rates.Bank or credit union financing often offers better rates and terms. Always compare multiple offers before making a decision.
Leasing offers lower monthly payments and the ability to drive a new car every few years, but you don't build equity. Buying means you own the vehicle and can keep it as long as you want, but requires higher monthly payments.