Auto Loan Calculator
Calculate your monthly car payment, total interest, and true cost of vehicle financing. Compare different down payment and term options instantly.
Frequently Asked Questions
What is a good interest rate for an auto loan?
Auto loan rates vary by credit score. As of 2024–2025, borrowers with excellent credit (750+) typically see rates of 5–7% for new cars and 6–9% for used cars. With good credit (700–749), expect 7–9% new and 9–12% used. Rates above 15% are common for subprime borrowers. Always get pre-approved by a bank or credit union before visiting a dealership.
How long should my auto loan term be?
A 36–48 month loan minimizes total interest. While 60–84 month loans lower monthly payments, you may end up "underwater" (owing more than the car is worth) for years. A car depreciates 15–25% per year initially — a $30,000 car may be worth $22,000 after 2 years but you still owe $25,000 on a long-term loan. Shorter terms also qualify for better interest rates.
How much should I put down on a car?
Aim for at least 20% down on a new car and 10% on a used car. A larger down payment reduces your loan balance, lowers monthly payments, reduces total interest, and helps you avoid being underwater. If you have a trade-in, its value can count as the down payment. Avoid putting less than 10% down — the monthly savings rarely justify the extra interest cost.