Car Loan Calculator
Calculate your monthly car payment from price, down payment, trade-in, rate and term.
Between the vehicle price, your down payment or trade-in, the interest rate, and the loan term, a lot goes into what actually lands on your monthly car payment. This calculator brings it together in one place.
Why the term matters more than people expect
Auto loans have gotten longer — 72 and even 84-month terms are now common — because they lower the monthly payment. But cars depreciate faster than long loans amortize, which can leave you "underwater" (owing more than the car is worth) for years. A shorter term, even at a slightly higher rate, usually costs less overall and avoids that gap.
Trade-ins reduce the amount financed, not just the price
Your trade-in value works the same as a cash down payment in this calculator — it reduces the amount you need to finance, which lowers both your monthly payment and the total interest charged over the loan.
Frequently asked questions
Should I finance through the dealer or my bank?
Compare both. Dealers sometimes offer promotional low-APR financing on certain models, but your own bank or credit union may beat a dealer's standard rate — get pre-approved before you negotiate so you know your real baseline.
Does a bigger down payment always make sense?
It reduces your loan amount and total interest, but tying up more cash isn't automatically the right move if that money could earn more elsewhere or you need it for emergencies — it's a balance, not an automatic yes.