Auto Loan Calculator
Calculate car loan payments and total interest.
How to Do It Manually
Auto loan payments use the amortization formula. Calculate monthly payments based on loan amount, interest rate, and term.
Monthly Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
- Determine loan amount (car price − down payment).
- Get the APR from the lender.
- Choose loan term (typical: 36–72 months).
- Calculate monthly rate: APR ÷ 12 ÷ 100.
- Apply the amortization formula.
Frequently Asked Questions
Should I put down 20%?
20% down is recommended to avoid being underwater on the loan. Lower down payments increase your loan amount and interest.
What's a good auto loan APR?
Good credit: 3–5%, Fair credit: 5–8%, Poor credit: 8%+. Shop around for better rates.