Car loan calculator
Estimate your monthly payment from the vehicle price, down payment, trade-in, rate, and term. Defaults use current national average APRs; override the rate to model your own quote.
Suggested market average: 7.00% (national estimate, not a credit offer). You can override the rate above.
Estimated monthly payment
$624/mo
- Amount financed
- $31,500
- Total interest (60 months)
- $5,924
- Total cost of loan
- $37,424
Estimates exclude taxes, title, registration, and dealer fees. Suggested rates are national averages from Federal Reserve / Bankrate (FRED) and credit-union open data (RateAPI); they are not a credit offer. Contact your dealer or lender for a firm quote.
Car loan questions
How is a car loan monthly payment calculated?
Monthly payments use the standard amortization formula: the amount financed (price minus down payment and trade-in) multiplied by the monthly interest rate, spread over the loan term. A higher rate or longer term increases total interest paid.
What is a good loan term for a car?
Shorter terms (36-60 months) cost less in total interest but have higher monthly payments. Longer terms (72-84 months) lower the monthly payment but increase total cost and the risk of owing more than the car is worth.
How much should I put down on a car?
A common guideline is 10-20% of the vehicle price. A larger down payment reduces the amount financed, lowers your monthly payment, and reduces the chance of being upside down on the loan.
Where do the suggested interest rates come from?
Suggested APRs are national averages refreshed from Federal Reserve G.19 / Bankrate series (via FRED) and credit-tier spreads from the RateAPI open credit-union dataset. They are estimates for education only, not a credit offer or personalized quote.
Prefer leasing? Try the lease estimate calculator. Ready to shop? Browse live inventory or research models first.