Use the auto loan calculator below to determine what your monthly payment would be for a new car or what price car you’d be able to afford given a specified maximum monthly payment.
How to use the Auto Loan Calculator
Buying a new car is not only very exciting but also very stressful. For many of us buying a new car is either the biggest buying decision of their life or the second biggest after buying a home. This calculator will help relieve some of the stress associated with new car shopping and will help you determine what the expected monthly payment will be for a new or used vehicle. Change the loan terms and interest rate to compare monthly auto loan payment options and maximum vehicle price.
The following are definitions for all of the variables used in the auto loan calculator:
Vehicle Price: This is the final vehicle price including taxes, options, accessories and dealer fees.
Warranty Price: The price of a standard or extended warranty if it’s part of the deal.
Sales Tax: Applicable state and local taxes.
Trade-in Value: Many people decide to trade-in their old vehicle at the dealership instead of selling their car privately. This field indicates the dealer trade-in value of the car.
Down payment: Most dealerships and banks require some a down payment as part of the loan deal. Enter the amount you can afford for an auto loan down payment.
Interest Rate: Enter in your expected interest rate provided by your bank or dealership. This is dependent upon the market and your credit score.
Loan Term: The number of monthly payments you’ll be making on the auto loan.