Auto Loan Calculator
Calculate your monthly car payment, total interest, and see the complete amortization schedule. Factor in down payment, trade-in, and sales tax.
Monthly Payment
$634.92
for 60 months
Loan Amount
$32,450.00
Total Interest
$5,645.29
Total Cost
$43,095.29
Sales Tax
$2,450.00
💰 Cost Breakdown
Find the Best Auto Loan Rates
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How to Get the Best Auto Loan Rate
- Check your credit score: 720+ gets the best rates. 660–719 is average. Below 660 expect higher rates.
- Get pre-approved: Apply at your bank or credit union before visiting the dealer. This gives you negotiating leverage.
- Choose shorter terms: 36–48 months typically have lower interest rates than 72–84 month loans.
- Increase down payment: 20% down is ideal. It reduces your loan amount and may qualify you for better rates.
- Compare multiple lenders: Check banks, credit unions, and online lenders. Don't rely solely on dealer financing.
❓ Frequently Asked Questions
What's a good auto loan interest rate?
As of 2024, excellent credit (720+) can get 4.5–6.5% for new cars. Average credit (660–719) typically sees 7–10%. Used cars usually have 1–2% higher rates.
How much should I put down on a car?
Ideally 20% for new cars and 10% for used cars. This reduces your monthly payment, total interest, and protects you from being 'upside down' on the loan.
Should I choose a longer or shorter loan term?
Shorter terms (36–48 mo) cost more monthly but save thousands in interest. Longer terms (72–84 mo) lower monthly payments but you pay significantly more in total.
Is 0% financing really free?
Technically yes, but dealers offering 0% financing often don't negotiate on vehicle price. You may save more with a lower price and regular financing.