Use this auto loan calculator to estimate your monthly car payment before you visit the dealer. Enter the vehicle price, your down payment, trade-in value, sales tax and fees, then choose a term in months or years. You’ll see the loan amount, total interest, a full amortization schedule and how extra payments can shorten your loan.
Auto Loan Calculator
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Tips for a cheaper car loan
- Get preapproved first. A rate from your bank or credit union gives you leverage against dealer financing.
- Keep the term as short as you can afford. 72- and 84-month loans lower the payment but raise total interest and the risk of owing more than the car is worth.
- Negotiate the price, not the payment. Dealers can hit any monthly payment by stretching the term.
- Watch add-ons. Extended warranties, GAP coverage and other products rolled into the loan increase what you borrow.
How sales tax and trade-ins work
Most states charge sales tax on the vehicle price after subtracting your trade-in, which is why a trade-in can save more than its face value. A few states tax the full price. If you still owe money on your trade-in, that balance is usually added to the new loan.
Frequently asked questions
What’s a good auto loan term?
Many experts suggest 60 months or less for a new car and 48 months or less for a used car, so you build equity faster and pay less interest.
Can I pay off my car loan early?
Most auto loans allow early payoff, but check your contract for prepayment terms. Open “Add extra payments” above to see how much you could save.
Related: Loan Comparison Calculator, Bank of America Car Loans, Navy Federal Auto Loans, All Financial Calculators.