Car loan monthly payment calculator 2018 | finder.com

Car loan monthly payment calculator

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Learn how much you’ll owe each month on a new car loan.

How to use this car loan monthly payment calculator

  1. Enter the amount you want to borrow to buy a new car under Loan amount. This might not be the same as the cost of your car, since many lenders require a down payment.
  2. Write the amount of time you have to pay off your car loan under Loan terms (in years). If your loan term is in months, divide it by 12 first.
  3. Enter the interest rate you expect to pay on a car loan under Interest rate. If your car loan comes with fees, enter the annual percentage rate (APR) instead.
  4. Hit Calculate.

In addition to your monthly payment, this calculator shows you how much you’d pay on your loan’s principle and in total interest. The principle is the amount that you borrowed and should be equal to your loan amount. Total interest is the amount that you would pay on top of the principle — the cost of your loan.

I calculated my monthly payment. What’s next?

It depends on why you used this calculator. If you wanted to know your monthly payment on an offer from a lender, you might want to prequalify with a few more lenders to find out if you can get a better deal.

If you’re trying to figure out how much you can afford to borrow, use the loan amount, term and rate as a guideline for finding a car and a loan that you can afford. Some lenders require you to have a car picked out before you apply. Even if they don’t, it doesn’t hurt to visit a few dealerships to compare your options.

After you’ve found a car that you like, research lenders that are willing to finance the particular car you’re interested in buying — some have restrictions on models, makes and mileage if you’re getting a used car. You can get started by using our comparison table. Once you’ve found a lender you like, follow their specific directions for applying for an auto loan.

Other costs to keep in mind

  • Down payment. Typically car loans come with a down payment of up to 20% of the vehicle’s value.
  • Taxes. Make sure you’re including the sales tax in your loan amount when calculating the monthly repayments.
  • Insurance premiums. On top of car loan payments, you’ll have to pay for insurance. Use our car insurance calculator to make sure both are within your budget.

Bottom line

Knowing your monthly payment can help you understand what kind of car is in your budget. After all, your monthly payment is the immediate cost you’ll have to deal with on a regular basis. If you can’t afford the monthly payments on the loan you need to buy a car, you probably can’t afford it.

Keep in mind that you might only be able to get a loan worth 80% of your car’s value. This means that you might be required to pay that 20% upfront.

Ready to get an auto loan? Compare a range of car loan offers in our comprehensive guide.

Compare car loans now

Rates last updated December 15th, 2018

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Name Product Product Description Min. Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
LightStream Auto Loans
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Good to excellent credit
Flexible terms
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
RateGenius Auto Loan Refinance
Connect with a network of over 150 lenders to refinance your car loan.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or better credit
Minimum of 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.

Compare up to 4 providers

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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