Car Loan Payment Calculator
Calculate monthly payments and total cost for an auto loan. Compare different term lengths and down payment scenarios.
Auto Loan tips
The average new car loan in the US has a term of 69 months (5.75 years) and an interest rate of around 7β9%. Keep terms under 5 years when possible.
A larger down payment reduces your loan principal and monthly payment. Putting 20% down on a $35,000 car saves ~$100/month vs 0% down at 8%.
Longer loan terms (72β84 months) reduce monthly payments but cost significantly more in interest and risk "going underwater" on the loan.
Use the amortization table to see exactly how much equity you're building each year β important if you plan to sell or trade in the car early.
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