Car Loan Calculator
Calculate a car loan payment including down payment, trade-in value, amount owed, sales tax and fees, plus total interest and the total cost of the car.
Results
- Fixed-rate loan with monthly payments: M = P·r / (1 − (1 + r)^−n), r = annual rate ÷ 12. 0% interest gives P ÷ n.
What is Car Loan Calculator?
Estimates the monthly payment of an auto loan with all the usual pieces: vehicle price, down payment, trade-in value and any loan still owed on it, sales tax, title and registration fees, rate and term. It also shows the upfront payment, total interest and total cost of the car.
How to use Car Loan Calculator
- Enter the Vehicle price, Down payment, Trade-in value and any amount still owed on the trade-in.
- Enter the Sales tax rate and fees.
- Enter the Annual interest rate and Loan term in months.
- Choose whether taxes and fees are financed and whether the trade-in reduces the taxable amount.
Example
Price 30,000, 3,000 down, trade-in 5,000, 7% tax, 500 fees, 6% for 60 months
Monthly payment 468.82; sales tax 1,750.00; loan 24,250.00
When to use Car Loan Calculator
Use it before visiting a dealer to know what payment to expect, or to compare dealer financing with a bank loan. Tax rules for trade-ins differ by state and country; untick the option where tax applies to the full price.
How Car Loan Calculator works
Taxable amount = price − trade-in (if the trade-in credit applies) or the full price. Loan = price − down payment − (trade-in − amount owed) + tax and fees if financed. Negative equity (owing more than the trade-in is worth) is added to the loan. The payment uses M = P·r / (1 − (1 + r)^−n) with r = rate ÷ 12. Total cost of the car = price + tax + fees + interest.
Common Use Cases
- Checking a dealer's payment quote
- Seeing the effect of a bigger down payment
- Including negative equity from a current car loan
- Comparing 48- and 72-month terms
FAQs
What is negative equity?
Owing more on your current car than its trade-in value. The difference is added to the new loan, increasing the payment.
Should I finance taxes and fees?
Financing them lowers the upfront cash but you pay interest on them. Untick the option to pay them upfront.
Is the rate the APR?
Enter the nominal annual rate of the loan. Dealer APRs that include fees may give a slightly different payment.