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Auto Loan
Car loan monthly payment calculator
How It Works
Free auto loan calculator to determine the monthly payment and total cost of an auto loan, while accounting for sales tax, fees, trade-in value, and more.
An auto loan is a secured loan used to purchase a vehicle. Most auto loans in the U.S. have terms of 36, 60, 72, or 84 months. Each month, repayment of principal and interest is made from the borrower to the lender. If the loan is not repaid, the lender may repossess the vehicle.
There are two main financing options: direct lending (from a bank, credit union, or financial institution) and dealership financing (arranged through the car dealer). Direct lending gives buyers more leverage to negotiate, while dealership financing offers convenience. Car manufacturers may offer special low-interest rates (0%, 0.9%, etc.) to promote sales.
The total cost of a car includes not just the purchase price but also sales tax, document fees, title and registration fees, advertising fees, destination fees, and insurance. Considering whether to include taxes and fees in the loan or pay them upfront affects the monthly payment and total interest.
Results
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Quick Tips
- • Results update automatically as you type
- • Use Tab to navigate between fields
- • Press Enter to calculate