Auto Loan Calculator
See the true cost of that new car—including taxes, fees, and trade-in value. Know exactly what you'll pay before walking into the dealership.
Total Loan Amount: $0
Scroll down to get your amortization schedule
Understanding Your Auto Loan
This calculator shows you the "out-the-door" price—the real amount you'll pay that most dealerships don't reveal until you're in the finance office. By factoring in sales tax, dealer fees, and trade-in values, you can negotiate from a position of strength.
Key Factors That Affect Your Car Payment
APR (Interest Rate)
Your credit score determines your rate. A 3% difference in APR on a $40,000 loan means an extra $3,500+ in interest over 60 months. Check your credit before shopping.
Loan Term
Longer terms (72-84 months) have lower payments but cost much more in interest. You also risk being "underwater" for years. Aim for 60 months or less.
Down Payment
Putting 20% down reduces your loan amount, monthly payment, and protects you from depreciation. You'll build equity faster and may qualify for better rates.
Trade-In Value
Know your trade-in's value before visiting the dealer. Use Kelley Blue Book or Edmunds as a baseline. Dealers often lowball initial offers.
Loan Term Comparison: 60 vs 72 vs 84 Months
Here's how loan term affects a $35,000 auto loan at 7% APR:
| Term | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 60 months ✓ | $693 | $6,580 | $41,580 |
| 72 months | $597 | $7,974 | $42,974 |
| 84 months | $529 | $9,395 | $44,395 |
Key insight: The 84-month loan costs $2,815 more than the 60-month loan for the same car!
Frequently Asked Questions
What is a good APR for a car loan in 2026?
For new cars: Excellent credit (750+): 5-7% | Good credit (700-749): 7-9% |Fair credit (650-699): 10-14%. Used car rates are typically 1-2% higher. Always shop multiple lenders—credit unions often offer the best rates.
Should I finance through the dealer or my bank?
Get pre-approved by your bank or credit union first, then see if the dealer can beat it. Dealers sometimes offer promotional rates (0% or low APR) on new cars, but these often require giving up manufacturer rebates. Compare total cost, not just monthly payment.
How much car can I afford?
The 20/4/10 rule: Put 20% down, finance for no more than 4 years, and keep total vehicle costs (payment + insurance + gas) under 10% of gross income. Check how car costs fit into your total budget with our cost of living pages.