Car Loan Calculator

Plan your next vehicle purchase with our free car loan calculator. Instantly estimate your monthly payments by entering the car price, down payment, trade-in value, interest rate, and loan term. See a full amortization schedule to understand exactly how much of your payment goes toward principal and interest. Explore more financial tools on CalculatorBolt.

Calculate Your Car Payment

Total sticker price or negotiated price
Cash you will pay upfront
Value of your current vehicle
Annual Percentage Rate
Length of the loan

Preset Scenarios

Sales Tax & Fees

Extra Payments

Export

How to Use This Calculator

Enter the total price of the vehicle, your planned down payment, and the value of any trade-in. Then, add the expected interest rate (APR) and the length of the loan in months. The calculator will determine your monthly payment and the total cost of the loan.

Inputs Explained

  • Car Price: The total sticker price or negotiated price of the vehicle.
  • Down Payment: The amount of cash you will pay upfront. A larger down payment reduces your loan amount and monthly payment.
  • Trade-in Value: The amount a dealer is offering you for your current vehicle. This value is subtracted from the car price.
  • Interest Rate (APR): The annual cost of the loan, expressed as a percentage.
  • Loan Term: The length of time you have to repay the loan, typically in months.

Example

For a $30,000 car with a $5,000 down payment, a $2,000 trade-in, a 6.5% APR over 60 months:

  • Loan Amount: $30,000 - $5,000 - $2,000 = $23,000
  • Monthly Payment: $450.63
  • Total Interest Paid: $4,037.80
  • Total Amount Paid: $27,037.80

Tips for Getting a Good Car Loan

  • Improve Your Credit Score: A higher credit score typically qualifies you for lower interest rates.
  • Make a Larger Down Payment: This reduces the amount you need to borrow, lowering both your monthly payment and total interest.
  • Shop Around for Rates: Get pre-approved for a loan from your bank or credit union before going to the dealership to see if they can offer a better rate.
  • Negotiate the Car Price First: Focus on negotiating the vehicle's price separately from the financing terms.

FAQs

The interest rate is the cost of borrowing the principal. The APR includes the interest rate plus other lender fees, providing a more complete picture of the loan's annual cost.

A shorter term means higher monthly payments but less total interest paid over the life of the loan. A longer term lowers your monthly payment but increases the total interest cost.

The trade-in value is subtracted from the car's price, which directly reduces the amount you need to finance.

By default, it calculates the loan on the pre-tax price. You can add sales tax and other fees in the "Advanced Options" and choose whether to include them in the total loan amount.

Making extra monthly payments reduces the principal faster, which decreases the total interest paid and shortens the loan term.

Yes, many banks and credit unions offer pre-approval, which gives you a better idea of your budget and interest rate before you shop for a car.

Disclaimer

This calculator provides an estimate based on the data you enter. It is not a loan offer or a guarantee of credit. Interest rates, terms, and fees are determined by lenders and can vary based on your creditworthiness and other factors. Consult with a qualified financial advisor before making any financial decisions.

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Author: CalculatorBolt Editorial Team
Reviewed by: Financial Advisor
Published: • Updated: