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COST & TOOLS

Car loan calculator

Work out your monthly car payment and the true total cost in seconds. Adjust the price, down payment, rate and term to see what fits your budget.
Car loan payment calculator
Enter your numbers and your monthly payment and total cost update instantly.
Estimated monthly payment
$561
Total interest and cost shown below.
Total interest paid
$0
Total cost (loan)
$0
QUICK ANSWERS

Car loan questions, answered

How is a car loan monthly payment calculated?
Your payment is based on the amount you borrow (price minus down payment), the APR and the loan term. A longer term lowers the monthly payment but raises the total interest you pay.
Does a bigger down payment help?
Yes. A larger down payment reduces the amount you borrow, which lowers both your monthly payment and the total interest over the life of the loan.
Is a longer loan term a good idea?
A longer term means smaller monthly payments but more interest overall, and a higher risk of owing more than the car is worth. Choose the shortest term whose payment you can comfortably afford.
How do I get a lower interest rate?
Compare offers from banks and credit unions before visiting the dealer, improve your credit where you can, and use a pre-approved rate as leverage.

Before you borrow

Compare the real cost of the car itself, and do not overpay on insurance.
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