Auto Loan Calculator with Payment Breakdown & Chart

This Auto Loan Calculator is designed for U.S. car buyers, but anyone can use it by adjusting the numbers for their location. If you only know your monthly payment, use the “Monthly Payments” tab to estimate the car price and loan details.

How Auto Loans Work

Most car buyers use auto loans, which are secured loans typically lasting 36 to 84 months. If you don’t repay, the lender can repossess the car.

Financing Options

• Direct Lending: Get a loan from a bank or credit union before visiting the dealer. This gives you more negotiating power and flexibility.
• Dealership Financing: The dealer arranges the loan, often through a lender associated with the car brand. This can be convenient, but may offer fewer choices.

Car manufacturers sometimes offer special low interest rates or cash rebates through dealers. Always compare offers before deciding.

Rebates & Fees

• Rebates: Cash rebates lower the car price, but in some states, sales tax is still calculated on the original price.
• Fees: Expect sales tax, document fees, title and registration fees, and possibly destination or advertising fees. Insurance is also required.

Loan Strategies

• Be Prepared: Know your budget and research rates before shopping.
• Check Your Credit: Better credit usually means lower interest rates.
• Compare Offers: Get quotes from multiple lenders and dealers.
• Cash Back vs. Low Interest: Sometimes you can choose between a rebate or a lower rate—run the numbers to see which saves more.
• Early Payoff: Paying off your loan early can save interest, but check for prepayment penalties.

Buying with Cash

Paying cash means no monthly payments or interest, and you own the car outright. However, if you can get a very low interest rate, it might make sense to finance and invest your cash elsewhere.

Trade-In Value

Trading in your old car can reduce the price of your new car and may lower your sales tax in many states. However, selling privately often gets you more money.