Auto Loan Calculator
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Formula: Loan = Price - Down - Trade; M = Loan × [r(1+r)^n] / [(1+r)^n - 1]
Auto Loan Calculator
An auto loan calculator helps you plan your car purchase by factoring in down payment, trade-in value, and financing terms.
Conversion Formula
Loan = Price - Down - Trade; M = Loan × [r(1+r)^n] / [(1+r)^n - 1]
First, subtract down payment and trade-in from the price. Then apply the standard amortization formula to the remaining balance.
Step-by-Step Examples
$35,000 car, $5,000 down, 5.9%, 60mo = $581.60/month
Loan: $30,000; Total interest: $4,896
Frequently Asked Questions
How much should I put down on a car?
Experts recommend 20% for new cars and 10% for used cars to avoid being upside-down on the loan.
What is a good auto loan rate?
Rates depend on credit score and market conditions. Excellent credit (750+) may qualify for 3-5%; average credit typically 6-10%.
Should I choose a longer loan term?
Longer terms lower monthly payments but increase total interest. A 72-month loan costs significantly more than a 48-month loan.