Auto Loan Calculator
Estimate your monthly car payments and see how interest rates and down payments affect your loan.
Car Details
Estimated Monthly Payment
$
For 60 months
Loan Details
Total Loan Amount$0
Total Interest$
Total Cost of Car$0
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Auto Loan Calculator: Drive Away Smarter
Buying a car is exciting, but the financing details can be overwhelming. Our Auto Loan Calculator gives you the power to see exactly how different interest rates, down payments, and loan terms affect your monthly budget.
3 Steps to Lower Your Car Payment
- The 20/4/10 Rule: Financial experts recommend putting 20% down, financing for no more than 4 years, and keeping total car expenses under 10% of your gross income.
- Boost Your Credit Score: Auto lenders rely heavily on FICO scores. Moving from a "Fair" score (580-669) to "Good" (670-739) can drop your interest rate by 3-5%, saving you thousands.
- Negotiate the "Out-the-Door" Price: Dealers often focus on monthly payments to hide extra fees. Negotiate the final total price of the car first, then discuss financing.
Understanding APR and Terms
APR (Annual Percentage Rate) includes both the interest rate and lender fees. A longer loan term (e.g., 72 or 84 months) lowers your monthly bill but drastically increases the total interest you pay. Aim for the shortest term you can comfortably afford to build equity faster.