Estimate the monthly payment for your car loan.
Updated: Mar 17, 2026
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An auto loan affects your budget for years. Monthly payments are only the start: you'll pay interest, fees and potentially thousands more than the sticker price.
Our calculator breaks down these costs in seconds. Enter your loan details, and you'll see exactly what you're paying each month and over the life of the loan.
Input the total you're borrowing (the vehicle price minus your down payment and trade-in value).
Pick your repayment timeline. A 60-month loan means lower monthly payments but higher total interest. A 36-month loan costs more each month but saves you money overall.
Enter your lender's APR. Don't have a rate yet? Use the average for your credit score as a starting point. A difference of just 1% can add hundreds of dollars to your total cost.
Add what you're paying upfront. Most experts recommend 20% down for new cars, 10% for used vehicles. More money down means less borrowed and less interest paid.
The calculator instantly shows:
Monthly payment: Your regular payment amount for the loan term.
Total interest paid: The extra money you'll pay beyond the car's price. This is the true cost of borrowing
Total loan cost: Your complete financial obligation, including principal, interest and fees.
An auto loan calculator helps you understand what your loan will actually cost. Our tool shows you more than just monthly payments:
An auto loan calculator lets you compare loan offers side by side to see which is most affordable over time.
See how different loan terms affect your payments. For instance, shorter terms increase monthly payments but save money on interest over time. This helps you pick a term that fits your budget.
Experiment with different variables like down payments and see how each change affects your monthly payment and total loan cost.
Knowing your total loan cost upfront helps you plan around other expenses down the road.
According to Federal Reserve data from August 2023, the average auto loan rate is 7.88% for a 60-month term and 8.12% for a 72-month term. Compare these benchmarks against your offer to see whether you have room to negotiate.
Your credit score has the most influence on your auto loan rate, but loan duration, down payment and vehicle type matter, too. Lenders offer better rates on new cars than used ones.
Lower monthly payments give you more breathing room, especially when juggling other bills. Refinancing, extending your loan term or making a larger down payment can all bring that number down.
Refinancing replaces your current loan with a new one at a lower interest rate. If your credit score has improved since you bought the car, you'll likely qualify for better terms. Before moving forward, check your current loan for prepayment penalties and the new one for origination fees.
Extending your loan term lowers your monthly payment by spreading it out over more time, but you'll pay more interest overall. This option works best when you need short-term budget relief and can absorb the added long-term cost.
A windfall like a tax refund or bonus is a good opportunity to put a lump sum toward your loan principal. Paying down the balance can give you leverage to renegotiate lower monthly payments. Check with your lender first to confirm there are no prepayment penalties.
If your current car comes with steep payments, trading down to a less expensive model can cut your monthly costs immediately. If the trade-in value covers the new car's price, you could walk away with no loan at all.
Call your lender and ask for better terms, particularly if you have a strong on-time payment history or market rates have dropped since you borrowed. Come prepared with your payment records and current rate data, since lenders often prefer negotiating over losing a customer to refinancing.
An auto loan is an installment loan used to purchase a vehicle. You borrow money from a lender and repay it with interest over a set period. The loan is secured by the vehicle itself, meaning the lender can repossess the car if you fail to make payments.
A down payment is the cash you pay upfront when buying a car, which lowers the amount you borrow. Most experts recommend putting down 20% for new cars and 10% for used cars. Larger down payments mean lower monthly payments and better interest rates.
Auto loan interest rates are expressed as APR (annual percentage rate). Your rate depends on your credit score, loan term, vehicle type and down payment.
Your loan term is how long you take to repay the loan, which affects your monthly payment and total interest. Shorter terms (36 or 48 months) offer lower interest rates but higher monthly payments. Longer terms (60 or 72 months) reduce your monthly payment but cost more in interest overall. Choose a term you can afford without straining your budget.
Monthly car payments are determined by dividing the total loan and interest amount by the loan term. For instance, the total interest for a $30,000, 72-month loan at 6% is $5,797. So the monthly payment would be $497.18 (($30,000 + $5,797) ÷ 72 = $497.18).
Yes, but expect higher rates and stricter terms. Some lenders work specifically with bad credit borrowers. You'll pay more — sometimes double the rate that borrowers with good credit receive. If you can wait, spend a few months improving your score. Even a 50-point increase can save you thousands over the loan term.
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