Auto Loan Calculator
Calculate your monthly auto loan payment, total interest paid over the term, and the full lifetime cost of the loan. Compare different terms (36 / 48 / 60 / 72 / 84 months) side-by-side to find the sweet spot between affordable payment and total interest.
Auto Loan Calculator
Monthly payment, total interest and total paid for any auto loan.
How It Works
Auto loans are amortized — each payment covers interest first, principal second. Longer terms have lower monthly payments but dramatically higher lifetime interest. The calculator uses the standard amortization formula to break down every payment.
How to Use This Calculator
- Enter the vehicle price, down payment, and trade-in value.
- Enter your APR — credit-union APRs are usually 1–2 percentage points below dealer rates.
- Pick the loan term — start with 60 months as the default.
- Add sales tax and fees if not already in the price.
- Compare 48 vs 60 vs 72 month options to see the interest difference.
Worked Example
Reference Table
Q1 2026 average auto loan APRs by credit score tier in the US. Credit unions and online lenders typically beat dealer financing by 1–3 percentage points.
| Credit score | New-car APR (avg) | Used-car APR (avg) |
|---|---|---|
| 781–850 (super prime) | 5.6% | 7.5% |
| 661–780 (prime) | 6.9% | 9.1% |
| 601–660 (near prime) | 9.6% | 13.7% |
| 501–600 (subprime) | 12.3% | 18.4% |
| 300–500 (deep subprime) | 15.6% | 21.6% |
Frequently Asked Questions
Should I take a longer loan to lower my payment?
Only if absolutely necessary. Every 12 months you extend the loan adds 15–25% more interest. A 72-month loan costs roughly $1 500 more interest than a 60-month on a $30k car at 6.5% APR.
How much down payment should I make on a car?
Aim for 20% on a new car, 10% on used. The goal: avoid being upside-down (owing more than the car is worth) during year 1, which protects you from financial loss if the car is totaled.
Is dealer financing or bank financing better?
Get pre-approved at a credit union BEFORE visiting the dealer. Use the pre-approval as your floor — let the dealer try to beat it. Sometimes dealer financing (manufacturer incentives) beats the bank; usually it doesn’t.
Can I refinance my car loan?
Yes, and you should if your APR is more than 1.5% above current rates or if your credit score has improved 50+ points. Refinancing is free (no closing costs on most auto loans) and takes 10 minutes online.
What’s the difference between APR and interest rate?
Interest rate is the cost of borrowing the money. APR includes interest PLUS fees (origination, document, etc.). Always compare APRs across lenders — that’s the true cost.
