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Auto loan calculator

Estimate your monthly payment on a new or used car loan.

An auto loan calculator is a useful tool for determining your monthly loan payment. But that’s not the only cost you should be concerned with when buying a new or used car.

Calculate costs: 3 examples

To help you make the right decision, we’ve calculated example auto loans with different loan terms.

Loan amountLoan termInterest rateMonthly paymentTotal cost
$15,0005 years3.54%$273.14$1,388.70
$20,0005 years3.54%$364.19$1,851.60
$40,0005 years3.54%$728.39$3,703.19

The average interest rate on a new car loan was 3.54% as of May 2021. To qualify for this, you’ll need to have a good credit. You can also browse average auto loan rates based on credit score to determine what you might be qualified for.

And note that while we use a 5-year term for our examples, a loan term of 3 or 4 years means you’ll pay less overall in interest — although you will face higher monthly payments.

Start with the purchase price

If you know about what you’ll be spending on your vehicle, you can use the calculator to estimate your monthly payment.

Loan amount is based off how much you plan on borrowing. Subtract the trade-in value of current vehicle and the amount of your down payment. Then add the estimated sales tax you’ll need to pay to the purchase price. This will get you to the total loan amount.

Loan term is how long you plan on making monthly payments. Most dealerships and lenders offer terms between 24 months (2 years) to 84 months (7 years).

Interest rate is the biggest factor when it comes to your auto loan payment. This is how much you’ll pay back to your lender — so it’s critical that you compare options for the best rates and avoid the default rate offered by a dealership. Remember: Your credit score influences the interest rate you get. The better your credit score, the lower your interest rate will be.

But for most people, your interest rate will actually be an annual percentage rate (APR). An APR is the total cost of financing your vehicle. If you know the fees your lender or dealership plans on charging you, you’ll know the APR of your loan. You can enter it into the interest rate field to get a more accurate estimate of your potential car payment.

End with estimated interest charged

Once you’ve entered your loan amount, loan term and interest rate, the auto loan calculator will estimate your monthly loan payment and total amount of interest charged by the lender.

You can adjust your loan term and interest rate to estimate another monthly car payment.

6 common car costs and fees

Even if you don’t know the fees that will come with your auto loan, you can still estimate costs based on these common fees:

  1. Sales tax
  2. Document fees
  3. Title and registration fees
  4. Advertising fees
  5. Destination fee
  6. Insurance

Not every fee will be included in your APR. Sales tax, insurance and titling fees are one-time costs when you buy a vehicle, so they won’t impact your monthly payment.

Check with your lender to get a full breakdown of fees that will increase the cost of your auto loan.

Research before buying

Monthly payments aren’t the most important factor when financing a vehicle. In fact, your monthly payment should only be a small consideration during the car-buying process.

Vehicle cost will influence the total amount you pay for an auto loan. Less expensive vehicles will save money. You can compare new or used options with sources like Edmunds and Kelley Blue Book.

When looking for financing, don’t stick with the dealership. They frequently mark up interest rates to turn a profit — which increases your monthly car payment.

Instead, check with your bank or credit union. Online lenders are another good place to look for a competitive interest rate. They often offer auto loans that cost less than a dealer.

Next steps

Auto loans are the most common way to finance a vehicle. With an auto loan calculator, you can get a good idea on the loan payment you can expect based on your credit score.

When you’re ready to get started, you can compare top auto loans and learn about the best car-buying apps on the market.

Name Product Filter Values Minimum credit score APR Loan term Requirements
PenFed Auto Loans
Starting at 1.79%
3 to 7 years
Active membership with PenFed
Low APR car loans from a well-known credit union.
No minimum credit score
3.9% to 27.9%
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates. Car Loans
Varies by network lender
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
CarsDirect auto loans
No minimum credit score
Varies by network lender
Varies by network lender
Must provide proof of income, proof of residence, and proof of insurance.
Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.
Auto Credit Express Car Loans
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.
Get connected with an auto lender near you, even if you have bad credit.
Monevo Auto Loans
3.99% to 35.99%
3 months to 12 years
Credit score of 500+, legal US resident and ages 18+.
Quickly compare multiple online lenders with competitive rates depending on your credit.
Good to excellent credit
Starting at 1.99%
Varies by lender
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out. Car Loans
1.89% to 27%
550+ credit score, no open bankruptcies, $24,000+ annual income, US citizen or permanent resident, 18+ years old
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.

Compare up to 4 providers

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