Balance over time
Remaining balanceYear-by-year schedule
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Use this free auto loan calculator to estimate your monthly car payment. Enter the vehicle price, your down payment and trade-in, the APR your lender offered, and the loan term in months — the monthly payment and total interest update instantly.
How to use the car loan calculator
Start with the vehicle price, then subtract your down payment and any trade-in value. Enter the APR from your loan offer and choose a term — 60 or 72 months are most common. Shorter terms mean higher payments but far less interest.
How the payment is calculated
The amount financed is the price minus your down payment and trade-in. That loan is amortized using M = P × r(1+r)n ÷ [(1+r)n − 1], where r is the monthly rate (APR ÷ 12) and n is the number of months. Longer terms lower the monthly payment but increase total interest paid.
Tips to pay less
- Put more down to shrink the loan and the interest.
- Choose the shortest term you can afford.
- Shop the APR — a credit-union or pre-approved rate often beats dealer financing.
- Avoid rolling negative equity from a trade-in into the new loan.
Related
Auto Loan Calculator FAQ
What is a good interest rate on a car loan?
It depends on your credit. In 2026, buyers with excellent credit often see APRs around 5%–7% on new cars, while fair credit can mean 10%–15% or more. Always compare a pre-approved bank or credit-union offer against dealer financing.
How much is a $35,000 car loan per month?
Financing $30,000 (after a $5,000 down payment) at 7.5% over 72 months is about $518/month. Over 60 months it's roughly $601/month but with less total interest. Use the calculator to match your exact terms.
Is a 72-month car loan a bad idea?
Longer terms lower the monthly payment but you pay much more interest and risk being 'upside down' (owing more than the car's worth). If you can afford a 48–60 month term, you'll usually save money and build equity faster.
Does a bigger down payment lower my payment?
Yes. Every dollar you put down reduces the amount financed, which lowers both your monthly payment and the total interest. A larger down payment can also help you qualify for a better rate.
What APR should I enter?
Enter the annual percentage rate (APR) from your loan offer — it includes the interest plus most loan fees. If you don't have an offer yet, use a realistic estimate for your credit tier and adjust once you're approved.
Written by Nicolas William, Lead Financial Editor at Finances News. Figures are estimates for planning only. Last updated 2026.