CalcQuick

Car Loan Calculator

Estimate your monthly auto loan payment and total interest based on vehicle price, down payment, interest rate and loan term.

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Results

Monthly payment

$534.83

Loan amount

$28,000.00

Total interest

$4,089.96

Total payment

$32,089.96

Results are estimates. Your actual loan terms may vary.

How to use

  1. Enter the total vehicle price before taxes and fees.
  2. Choose your down payment percentage.
  3. Select the loan term in years.
  4. Set the annual interest rate.
  5. Pick a repayment method and review the results.

Formula

Loan amount = Vehicle price × (1 − Down payment %).

For a fixed monthly payment: M = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of months.

For fixed principal repayment: monthly principal = P ÷ n, and interest = remaining balance × monthly rate. Payments decrease over time.

Example

For a $35,000 car with a 20% down payment, a 5-year loan at 5.5% annual interest with fixed monthly payments:

Loan amount = $28,000; Monthly payment ≈ $534.40; Total interest ≈ $4,064.00; Total payment ≈ $32,064.00.

Frequently asked questions

Does the calculator include sales tax and fees?
No. Enter the vehicle price before tax, title, registration and dealer fees, or add them to the price manually.
What down payment should I choose?
A larger down payment lowers your monthly payment and total interest. Many lenders prefer at least 10–20% for auto loans.
What loan term is best?
Shorter terms usually have lower rates and less total interest. Longer terms reduce the monthly payment but increase the total cost.
Can I pay off a car loan early?
Many lenders allow early repayment, but some charge prepayment penalties. Check your loan agreement before making extra payments.
What is a good interest rate for a car loan?
Rates vary by credit score and market conditions. Excellent credit may qualify for under 5%; average rates are often 6–10% for new cars.
How much car can I afford?
A common guideline is total car costs under 10–15% of take-home pay. Use this calculator with your budget and down payment.

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