Auto Loan Calculator: Plan Your Car Financing
Use our comprehensive auto loan calculator to determine your monthly car payments, understand your total cost of ownership, and compare different loan scenarios. Make informed decisions about your vehicle purchase by exploring different down payments, loan terms, and interest rates.
Why Use Our Auto Loan Calculator?
- Calculate precise monthly payments based on all relevant factors
- Visualize the amortization schedule showing principal and interest breakdown
- Compare multiple loan scenarios side by side
- Determine how much car you can afford based on your budget
- See how extra payments can help you pay off your loan early
Loan Details
Loan Summary
Monthly Payment
$386.66
Total Loan Amount
$21,600.00
Total Interest Paid
$1,599.60
Total Cost (incl. down payment)
$28,199.60
Payment Breakdown
Loan Balance Over Time
Amortization Schedule
This table shows how each payment is applied to the principal and interest over the life of your loan.
| Payment # | Payment Date | Payment | Principal | Interest | Remaining Balance |
|---|
Loan Comparison Tool
Compare different auto loan scenarios side by side to find the best option for you.
Parameters
Scenario 1
Scenario 2
Scenario 3
Comparison Results
| Result | Scenario 1 | Scenario 2 | Scenario 3 |
|---|---|---|---|
| Monthly Payment | $386.66 | $415.17 | $328.83 |
| Total Interest | $1,599.60 | $1,328.16 | $2,555.76 |
| Total Cost | $28,199.60 | $27,928.16 | $29,155.76 |
Visual Comparison
Early Payoff Calculator
Calculate how making extra payments can help you pay off your auto loan early and save on interest.
Payoff Results
Original Payoff Time
5 years
New Payoff Time
4 years 5 months
Time Saved
7 months
Interest Saved
$245.32
Auto Loan Affordability Calculator
Determine how much car you can afford based on your budget and financial situation.
Your Budget Information
Affordability Results
Maximum Affordable Vehicle Price
$25,700
Based on your monthly budget and financial parameters
Affordability Breakdown
- Loan Amount: $20,700
- Monthly Payment: $399.78
- Total Interest: $2,286.80
- Total Cost (incl. down payment): $27,986.80
Auto Loan Calculator: Frequently Asked Questions
What factors affect my auto loan payment?
Your auto loan payment is affected by several factors, including the loan amount, interest rate, loan term, down payment, trade-in value, and additional fees like sales tax, registration fees, and dealer charges.
How is my auto loan interest calculated?
Auto loan interest is typically calculated on a monthly basis using the remaining principal balance. As you make payments, more of your payment gradually goes toward the principal and less toward interest.
How can I get the lowest interest rate on my auto loan?
To secure the lowest interest rate on your auto loan, maintain a good credit score, shop around with multiple lenders, consider shorter loan terms, make a larger down payment, and negotiate with the lender. Pre-approval can also help you get better rates.
Should I choose a longer or shorter loan term?
Shorter loan terms typically have lower interest rates and result in less total interest paid, but have higher monthly payments. Longer terms offer lower monthly payments but cost more in interest over the life of the loan. Choose based on your budget and financial goals.
What is a good down payment for an auto loan?
A down payment of at least 20% of the vehicle’s price is generally recommended, as it reduces your loan amount, may secure better interest rates, and helps offset the initial depreciation of a new vehicle. However, even a smaller down payment is beneficial compared to no down payment.