Auto Loan Payment Calculator
Use our handy payment calculator to estimate your monthly vehicle payments and see what purchase price fits into your monthly budget.
Estimate Monthly Payments
The total cost of the vehicle.
A down payment is an initial, upfront payment you make toward the total cost of the vehicle. Your down payment could be cash, the value of a trade-in, or both. The more you put down, the less you need to borrow. A larger down payment may also reduce your monthly payment and your total cost of financing.
The trade in value is the amount that a dealer is willing to offer you towards the purchase of a new vehicle in exchange for your current one. It’s typically based on the market value of your vehicle (the amount it would sell for on the open market).
Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. Your payoff amount is different from your current balance.
Additional down payment in cash.
This is the length of your auto loan, generally expressed in months. A shorter loan term (in which you make monthly payments for fewer months) will reduce your total loan cost. A longer loan can reduce your monthly payment, but you pay more interest over the life of the loan. A longer loan also puts you at risk for negative equity, which is when you owe more on the vehicle than the vehicle is worth.
This is the annual percentage rate, and is not always the same as the interest rate. This represents the annual rate that is charged, and as such, is the actual annual cost to the consumer over the course of the auto loan. The APR will allow you to more easily shop and compare car loans, since it equates all loans to the same annual rate.
What Can I Afford?
The amount you can afford to pay monthly for the vehicle.
A down payment is an initial, upfront payment you make toward the total cost of the vehicle. Your down payment could be cash, the value of a trade-in, or both. The more you put down, the less you need to borrow. A larger down payment may also reduce your monthly payment and your total cost of financing.
The trade in value is the amount that a dealer is willing to offer you towards the purchase of a new vehicle in exchange for your current one. It’s typically based on the market value of your vehicle (the amount it would sell for on the open market).
Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. Your payoff amount is different from your current balance.
Additional down payment in cash.
This is the length of your auto loan, generally expressed in months. A shorter loan term (in which you make monthly payments for fewer months) will reduce your total loan cost. A longer loan can reduce your monthly payment, but you pay more interest over the life of the loan. A longer loan also puts you at risk for negative equity, which is when you owe more on the vehicle than the vehicle is worth.
This is the annual percentage rate, and is not always the same as the interest rate. This represents the annual rate that is charged, and as such, is the actual annual cost to the consumer over the course of the auto loan. The APR will allow you to more easily shop and compare car loans, since it equates all loans to the same annual rate.
What is a Car Loan Payment Calculator?
A car loan calculator is an online tool that helps you calculate your monthly car payments based on the car’s price, loan term, interest rate, and down payment. By entering the required information into the calculator, you can get an estimate of how much you’ll have to pay each month for your car loan.How to Use a Car Loan Calculator?
Using a car loan calculator is easy and straightforward. Here’s how to use it:- Enter the car’s price: Start by entering the car’s total price, including any taxes and fees.
- Add the down payment: Enter the down payment you’ll make towards the car.
- Choose the loan term: Select the loan term or the number of months you’ll take to repay your loan.
- Choose your estimated credit rating: There are six categories to choose from.
- Enter a custom interest rate: Enter the interest rate of your loan.
Benefits of Using a Loan Payment Calculator:
Using a car loan payment calculator has several benefits, including:- Helps you plan your budget: A car loan payment calculator gives you an idea of how much you’ll have to pay each month for your car loan. By knowing your monthly payments, you can plan your budget accordingly.
- Give you an estimate: A car loan payment calculator provides an estimate of your monthly payments, allowing you to adjust your loan term or down payment to suit your budget.
- Saves time and effort: Manually calculating your car loan payments can be time-consuming. Using a car loan payment calculator saves you time and effort.