Auto Loan Calculator
Calculate monthly car payments, total interest and payoff schedule.
Inputs
$
%
years
Result
Monthly Payment$1,264.14
Total Interest$255,088.98
Total Paid$455,088.98
About the Auto Loan Calculator
The Auto Loan Calculator computes monthly car payments, total interest, and total cost from the loan amount, APR, and term. Use it to compare offers or set a target price before visiting the dealer.
Calculation method
Standard amortizing-loan formula, identical to a mortgage but with shorter terms (36–84 months) and typically higher rates.
M = P × r × (1 + r)^n / ((1 + r)^n − 1)How to use this calculator
- Enter the loan amount (price minus down payment and trade-in).
- Enter the APR the lender quoted.
- Choose the term in years and review the payment.
Example
A $30,000 auto loan at 7.5% for 5 years gives a payment of about $601 per month and total interest of roughly $6,062.
Frequently asked questions
How long should an auto loan be?
Shorter is better. 36–48 months minimizes total interest and reduces the risk of being underwater as the car depreciates.
Should I finance through the dealer or a bank?
Get a pre-approval from a credit union or bank first, then compare with the dealer's offer. Manufacturer rebates and low-APR promotions can beat outside financing for well-qualified buyers.
What credit score gets the best auto rate?
720+ generally qualifies for the best advertised rates. Below 660, rates climb sharply.
Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, tax, or legal advice. Consult a qualified professional for decisions specific to your situation.