Car Loan Calculator

Calculate your monthly car payment, total interest, and see if you can actually afford that dream ride. Get personalized recommendations based on your budget and credit situation.

Calculate Your Auto Loan

Vehicle Details

Negotiated price before taxes and fees

Current car's trade-in value (optional)

Down Payment

Recommended: 20% ($0)

Loan Terms

Shorter = less interest, higher payment

good credit: typically 5-8%

For affordability calculation

Additional Costs

Local sales tax rate

Registration, documentation, etc.

Interest Rate Guide

Excellent (750+)3-5%
Good (700-749)5-8%
Fair (650-699)8-13%
Poor (<650)13-20%

Smart Budget Rules

Keep payment under 15% of monthly income
Put down at least 20% to avoid negative equity
Choose 60 months or less to minimize interest
Factor in insurance, gas, and maintenance

Money-Saving Tips

  • •Get pre-approved before shopping
  • •Compare rates from 3+ lenders
  • •Negotiate the price, not the payment
  • •Buy used to avoid depreciation hit
  • •Time purchases for model year-end sales

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The Real Deal About Car Loans

What Actually Matters

Here's what dealers don't want you to focus on: the total cost, not just the monthly payment. They'll happily lower your payment by stretching the loan to 84 months, but you'll pay thousands more in interest. A $30,000 car at 6% costs $2,800 in interest over 5 years, but $4,000 over 7 years.

The sweet spot? Put down 20%, finance for 48-60 months, and keep the payment under 15% of your income. This keeps you from being upside-down and leaves room in your budget for life.

Common Mistakes to Avoid

  • • Focusing only on monthly payment instead of total cost
  • • Trading in when you're upside-down on your current loan
  • • Financing for 72-84 months to "afford" a pricier car
  • • Skipping the pre-approval process before shopping
  • • Rolling negative equity into a new loan
  • • Not factoring in insurance costs (especially for young drivers)