Auto Loan Calculator
Estimate your monthly car payment and see a breakdown of principal, interest, and total cost to make an informed buying decision.
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Learn More About Managing Your Loan
How to Use the Auto Loan Calculator
This comprehensive tool helps you understand the full cost of your next vehicle purchase. Here's how to use it:
- Select Calculation Mode: Choose to calculate "By Total Price" if you know the car's cost, or "By Monthly Payment" if you have a budget in mind.
- Enter Vehicle Details: Input the vehicle price, plus any cash incentives, your down payment, and trade-in details.
- Define Loan Parameters: Set your desired loan term (in months) and the interest rate (APR) you expect.
- Include Taxes & Fees: Add your state sales tax and any title or registration fees to get a true total loan amount.
- Click “Calculate”: Instantly see your estimated monthly payment, a full cost breakdown, and a year-by-year amortization schedule.
Tips for Getting the Best Car Loan
- Improve Your Credit Score: Your credit score is the single biggest factor in determining your interest rate. Paying bills on time and reducing credit card balances can boost your score.
- Get Pre-Approved: Before you shop, get a pre-approved loan offer from your bank or a credit union. This gives you a benchmark rate and strengthens your negotiating position at the dealership.
- Negotiate the Price, Not the Payment: Always focus on negotiating the total price of the vehicle first. Discuss financing options and monthly payments only after you've agreed on the car's final price.
- Choose the Shortest Term You Can Afford: A shorter loan term means higher monthly payments but significantly less interest paid over time. Try to avoid stretching a loan beyond 72 months.