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Auto loan calculator

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

Our auto loan calculator will help you estimate how much a car will cost you. You can adjust the amount you borrow, your loan term and your interest rate to see how your monthly payment and overall cost change.

How to use our auto loan calculator

Enter 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.

  • Loan amount is based on how much you plan on borrowing. Subtract the trade-in value of your 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 to 84 months, or two to seven years.
  • Interest rate is the most important factor when it comes to your auto loan payment. 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 good credit — typically 670 or higher. You can also browse average auto loan rates based on credit score to determine what you might be qualified for.

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.

APR vs. interest rate

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.

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.

3 example loans with common terms

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

Note that while we use a five-year term for our examples, a loan term of three or four years means you’ll pay less overall in interest — although you will face higher monthly payments.

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
LightStream Auto Loans
Good to excellent credit
2 to 7 years
Must have a good to excellent credit profile, be a US citizen or a permanent resident with a valid green card, have a valid Social Security number, credit card verification requested upon loan approval and have a valid US address.
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Varies depending on the lender
3 to 6 years
Varies depending on the lender
CarsDirect auto loans
No minimum credit score
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.
No minimum credit score
3.9% to 27.9%
1 to 6 years
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates.

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