Auto Loan Calculator
About This Auto Loan Calculator
Our comprehensive auto loan calculator helps you estimate your monthly car payments and understand the total cost of financing your vehicle. It factors in:
- Vehicle purchase price and down payment
- Trade-in value and existing loan balance
- Sales tax, title fees, and other costs
- Interest rates and loan terms
- Complete payment schedule and amortization
Understanding Auto Loan Components
Purchase Price & Down Payment
- Vehicle's selling price
- Recommended 20% down payment
- Lower down payment may require GAP insurance
- Higher down payment reduces monthly payments
Trade-in Considerations
- Current vehicle's market value
- Remaining loan balance impact
- Positive vs negative equity
- Effect on new loan amount
Additional Costs to Consider
Sales Tax
- Varies by state and locality
- Usually based on vehicle price
- Trade-in may reduce taxable amount
- Major impact on total cost
Title & Registration
- State-specific fees
- Title transfer costs
- Registration fees
- License plate fees
Other Fees
- Documentation fees
- Dealer preparation fees
- Extended warranty costs
- Insurance requirements
Loan Terms & Interest Rates
Loan Length Considerations
- Shorter Terms (36-48 months): Higher payments, less interest
- Medium Terms (60 months): Most common, balanced payments
- Longer Terms (72-96 months): Lower payments, more interest
- Warning: Longer terms risk negative equity
Interest Rate Factors
- Credit score impact
- New vs used vehicle rates
- Loan term effect on rate
- Dealer vs bank financing
Smart Auto Financing Tips
Before You Buy:
- Get pre-approved for a loan to know your budget
- Compare rates from multiple lenders
- Consider the total cost, not just monthly payments
- Factor in insurance and maintenance costs
- Understand the impact of your trade-in
Good Practices
- Make a substantial down payment
- Choose shorter loan terms
- Consider certified pre-owned vehicles
- Read all paperwork carefully
Watch Out For
- Focusing only on monthly payments
- Rolling negative equity into new loan
- Extended warranties you don't need
- Hidden fees and charges