Auto Loan Calculator

Estimate monthly car payments with down payment, trade-in value, and financing options.

How Auto Loan Payments Work

Your auto loan amount is the vehicle price minus your down payment and trade-in value. The remaining balance is financed at a fixed interest rate over your chosen term.

Loan Amount = Vehicle Price - Down Payment - Trade-In Value Monthly Payment = Loan × [r(1+r)^n] / [(1+r)^n - 1]

Tips to Get the Best Auto Loan Rate

  • Check your credit score before shopping — 700+ gets the best rates
  • Get pre-approved by your bank or credit union before visiting the dealer
  • Keep the loan term at 60 months or less to minimize total interest
  • A larger down payment (20%+) reduces your loan amount and may get a better rate

Frequently Asked Questions

For new cars with excellent credit (720+), expect 4-6%. Used car rates are typically 1-2% higher. Credit unions often offer the best auto loan rates. The average new car rate in 2026 is around 6.5%.
Aim for at least 20% down on a new car and 10% on a used car. A larger down payment reduces your monthly payment, total interest, and the risk of being upside-down on the loan.
While 72-84 month terms lower your monthly payment, they cost significantly more in total interest and increase the risk of owing more than the car is worth. Try to keep it at 60 months or less.

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