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Free car loan calculator. Calculate monthly payments, total cost, and interest for any auto loan.

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💡 Financial Tip: 20-4-10 rule for car buyingRule
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Car Loan Calculator

Calculate your car loan payments including trade-in value

20.0% of car price
Monthly Payment
$439.33
Loan Amount
$23 000
Total Interest
$3359.60

Loan Breakdown

Loan Summary

Car Price:$35 000
Down Payment:-$7 000
Trade-In Value:-$5 000
Loan Amount:$23 000
Monthly Payment:$439.33
Total Interest:$3359.60
Total Cost:$26359.60
💡 Tip: A larger down payment can save you thousands in interest over the life of the loan.

📚 Understanding Car Loans

Car loans are typically secured loans where the vehicle serves as collateral. The loan amount is the car price minus down payment and trade-in value.

Trade-in value reduces your loan amount and can lower your monthly payments. However, dealers may offer less than private party sale value.

Example: A $35,000 car with $7,000 down and $5,000 trade-in at 5.5% for 5 years has monthly payments of $511 and total interest of $2,664.

💡 Tips for Car Financing

  • Get Pre-Approved: Secure financing from your bank or credit union before visiting dealerships for better rates and negotiation power.
  • Shorter Terms: Choose 3-5 year loans instead of 6-8 years to save thousands in interest, even with higher monthly payments.
  • 20% Down Payment: Aim for at least 20% down to avoid being underwater (owing more than the car is worth) if it depreciates quickly.
  • Compare APRs: Dealer financing may have promotional rates, but banks often offer better terms. Always compare total cost, not just monthly payment.
  • Consider Used Cars: New cars lose 20-30% of value in the first year. Buying used can save money and reduce depreciation risk.

❓ Frequently Asked Questions

Q: Should I finance through the dealer or my bank?
A: Compare both. Dealers may offer 0% APR promotions on new cars, but banks often have better rates for used cars. Get pre-approved to know your options.
Q: What's a good interest rate for a car loan?
A: Rates vary by credit score. Excellent credit (720+) may get 3-5%, average credit (650-719) typically 6-10%, while poor credit pays 10%+.
Q: Should I take a longer loan for lower payments?
A: Avoid loans longer than 5 years. Longer terms mean more total interest and risk of being underwater if the car depreciates faster than you pay it off.

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