Work out an estimated monthly payment before you sit down at the dealership. Adjust the price, down payment, trade-in, rate and term to see how each one moves the number.
This calculator uses the standard fixed-rate amortization formula that banks and credit unions use to price an auto loan. The amount financed is your vehicle price minus your down payment and trade-in value. That amount is then spread across your loan term at your entered interest rate, so every payment includes both principal and interest, weighted more toward interest early in the loan and more toward principal near the end.
The interest rate you qualify for depends heavily on credit score, loan term and whether the vehicle is new or used, so treat the result here as a planning estimate rather than a guaranteed offer. Getting pre-approved by a bank or credit union before you shop gives you a real number to compare against whatever financing the dealership offers, and it puts you in a stronger negotiating position since you are not relying on the dealer for financing.
It uses the standard amortization formula lenders use for a fixed-rate loan, so the monthly payment figure is accurate for the numbers you enter. Your actual offer can differ slightly based on taxes, fees and the lender's own rounding.
No. Enter the out-the-door price (including tax, title and fees) as the vehicle price if you want those reflected in the payment, since lenders typically finance the full amount.
Use the APR from a real pre-approval or offer if you have one. If not, check your credit union or bank's current published auto loan rates for your credit tier as a starting point.
A trade-in reduces the amount you need to finance just like a down payment does, which lowers both your monthly payment and the total interest you pay over the loan.
A shorter term means a higher monthly payment but less total interest paid. A longer term lowers the monthly payment but increases the total cost of the loan, so it is a tradeoff between monthly affordability and total cost.
Compare real options in our buying guides before you sign anything.
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