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Car Loan Calculator

LoanAffordabilityAuto Refinance

What auto can you afford? Use our car loan calculator and find out what you are looking at monthly, and how that is affected by factors like a trade-in, money down, or length of loan.

Let’s estimate your monthly car loan payment

Your estimated payment



Car price


Down Payment


Trade-in value


Estimated sales tax (0.00%)


Other fees*

not included

Total loan amount


Total interest paid (over life of loan)


Total loan & interest paid


Monthly payment


*This car loan calculator is for informational and general estimate purposes only, and doesn't include other fees which are factored into an auto lease or purchase, like title or taxes.

How to use the car loan payment calculator?

To use the car loan payment calculator, you should input the following data to get the most accurate results.

  1. Loan amount / Price of the car you want: This should be the estimate payment amount you seek for your car purchase. Enter the exact amount you want to borrow to purchase the car. The auto loan calculator also allows you to subtract the down-payment or trade-in value (if you plan to exchange your car) to find the loan amount.
  2. Loan term or Length of the loan: The period (in months) for which you want to take on the loan. The longer your term, the lower will be your monthly payment. However, you may pay a higher amount as interest charges for a long-term loan.
  3. APR: Figure out an interest rate you are most comfortable with. Compare the different car payment amounts you may have to pay with different rates by inputting them into the auto loan rate calculator. Then calculate the respective APR.
  4. APR = (Periodic Interest Rate * 365 Days) * 100

  5. Sales tax: Most states in the United States impose sales tax on automobile purchases. Input the sales tax of the state where you wish to do the purchase.
  6. Down payment: The amount paid initially when you buy a car with a car loan is referred to as the down payment. It is the amount you pay out of your savings or wages. The loan amount granted by your bank or non-banking financial company is the amount remaining after your down payment (NBFC).
  7. Trade-in value: In exchange for your old car, a car dealer will offer you a trade-in value toward the purchase price of a new or used car. This is important if you seeking loan for an old car.
  8. Once you have gathered the required information, all you got to do is enter them in the respective slots and you’ll get an immediate breakdown of your auto loan’s estimated payment.

Auto loan Tips

Be prepared to pay additional fees.

Know that the final cost will be greater than the sticker price of your desired car. When estimating the vehicle purchase cost, you must consider charges like as taxes, title fees, and even future vehicle maintenance.

Do not opt for a longer-term loan

The repayment period for a loan might range from 24 to 84 months. While a longer-term loan will result in a reduced monthly cost, the longer the loan duration, the more interest you will pay. Also, remember that a lengthy loan term may bind you to that vehicle for up to seven years.

Be open to refinancing

Refinancing your existing loan can be an excellent way to save money while keeping your vehicle. Consider this option if you originally signed at a dealership or if your credit has improved and you can likely get a lower rate and term.

What should you know before using the car loan calculator to find your monthly payments?

An auto loan is a secured loan sanctioned by a financial institution to purchase a new or used vehicle. The conventional auto loan terms vary between 36, 60, 72, or 84 months. The borrower is obliged to pay back the principal and interest each month in fixed installments. Failure to do so can result in the car being repossessed – so use an auto loan interest calculator to find your monthly payment before committing.
  1. Don't buy a car you can't afford: You may be tempted to go out and buy that new car model that’s in high demand! But it’s much more convenient to buy a model that you can afford in the long term. Use a car loan calculator to calculate your monthly payments before you buy.
  2. Do not co-sign for an auto loan: Unless you have the means (and willingness) to pay off the entire loan if the other person defaults, avoid co-signing for an auto loan.
  3. Don’t forget taxes and other costs: Apart from the showroom price, you will have to deal with taxes, title fees, and many other additional costs. Use an auto loan finance calculator to sum up all the costs and get a round figure before buying.
  4. Check your credit options: Before purchasing a vehicle, discuss your financing options at a local credit union. They offer better rates than banks and financing companies at car dealerships.

Auto Loans FAQs

Which car loan calculator should you use?

An auto loan payment calculator lets you quickly find out the estimated monthly car payment you will have to pay for your loan amount. You can use Way.com Auto Loan Calculator to explore different rates and loan terms to find the feasible amount. Later, you can go shopping at your bank, credit union, or with online lenders for the best deals.

Does using an auto loan calculator make a difference to your car buying plan?

An auto loan calculator is extremely helpful when you are strategizing your car buying plan. With an auto loan calculator, you can explore the different options available and then figure out what’s more suited for your financial situation and requirement.

What should you know before using the car loan calculator to find your monthly payments?

You should have at least a vague idea of your preferred loan amount, loan term, APR, taxes etc. before going in for a calculator. Down payments and trade in value are also important.