Free auto loan calculator
Enter the loan amount, APR, and term — this auto loan calculator shows your monthly payment, total interest paid, and full amortization schedule, updated live, as you type.
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Does not include sales tax, fees, or insurance. Get pre-approved before visiting a dealership to negotiate from a position of strength.
Results are estimates. Consult a professional.
How the auto loan calculator works
An auto loan uses standard amortization: each monthly payment covers that month's interest on the remaining balance, with the rest applied to principal. Because the balance shrinks each month, early payments are heavily weighted toward interest while later payments are mostly principal — even though the dollar amount stays constant throughout the term.
The calculator takes your vehicle price, down payment, trade-in value, APR, and loan term to compute your monthly payment and total interest. The principal is the amount actually financed — everything left after your down payment and any trade-in credit.
Worked example: $25,000 SUV, 60 months at 7.1% APR
You buy a $25,000 SUV, put $5,000 down, and finance the remaining $20,000 for 60 months at the 2024 national average new-car APR of 7.1% (Experian). What is your monthly payment, and how much total interest will you pay over the life of the loan?
Monthly payment per $10,000 financed
Find your APR row and term column, then multiply by your loan amount in $10,000 increments. Example: $35,000 financed at 7% for 60 months ≈ $198 × 3.5 = $693/month.
| APR | 36 months | 48 months | 60 months | 72 months |
|---|---|---|---|---|
| 4% | $295 | $226 | $184 | $156 |
| 5% | $300 | $230 | $189 | $161 |
| 7% | $309 | $239 | $198 | $170 |
| 9% | $318 | $249 | $208 | $180 |
Source: Standard amortization formula. Average new-car APR ~7.1%; used-car ~11.6% (Experian Q4 2024).
The national average new-vehicle loan term reached 68.8 months in 2024, and used-vehicle loans averaged 67.3 months, according to Experian. Stretching to 72 or 84 months keeps payments lower but materially increases total interest paid.
Tips for getting the best auto loan
The rate and term you accept will determine thousands of dollars in total cost. These five strategies give you the most leverage before you sign.
- Get pre-approved before visiting the dealership — Apply at your credit union or bank first. A written offer lets you compare it against dealer financing and signals that you're a serious, informed buyer. Credit unions consistently offer lower auto rates than banks or captive finance arms.
- Choose the shortest term you can comfortably afford — A 48- or 60-month loan costs significantly less in total interest than a 72- or 84-month loan, even if the monthly payment is higher. Run both in the calculator to see the exact dollar difference before deciding.
- Target a 20% down payment — Putting 20% down reduces your financed principal, lowers your monthly payment, and reduces the risk of negative equity — owing more than the car is worth as it depreciates.
- Check and correct your credit report first — Even one erroneous missed payment can cost you 1–2 percentage points on your rate. Pull your free reports at AnnualCreditReport.com 60 days before shopping and dispute any errors in writing.
- Negotiate vehicle price and financing separately — Dealers profit when these conversations are blended. Lock in the out-the-door price first, then evaluate the financing offer against your pre-approval.
Accuracy and limitations
This calculator uses the standard fixed-rate amortization formula and assumes a constant APR with equal monthly payments. It does not account for dealer documentation fees, origination fees, title and registration costs, sales tax, GAP insurance, or extended warranties — all of which increase the true out-of-pocket cost of vehicle ownership.
APR averages cited are from Experian's 2024 State of Automotive Finance Report and will shift with market interest rates, Federal Reserve policy, and your individual credit profile. Results are planning estimates. Your binding loan terms are set by your lender's TILA disclosure, which you should read carefully before signing.
Auto loan terms defined
About this auto loan calculator
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