Car Loan Calculator

Calculate your monthly car payment and total interest

Loan Details

$
%
years
$

Calculation Results

Enter loan details to calculate

Car Loan Calculator for in USA

Calculate your monthly car payment, see the total cost of your loan, and understand how much you'll pay in interest. Compare different loan options to find the best deal.

How to Use

  1. Enter the car price
  2. Input the annual interest rate
  3. Select the loan term in years
  4. Optionally add your down payment

Tips for Getting a Good Rate

Shop around and compare offers from multiple lenders. Check your credit score first — higher scores get better rates. Consider credit unions, which often offer lower rates than banks or dealership financing.

Frequently Asked Questions

How much down payment do I need for a car loan?

Typically 10-20% of the car price. A larger down payment means lower monthly payments, less interest, and better loan terms. Some lenders offer zero-down loans, but at higher rates.

What loan term should I choose for a car?

Optimal is 3-5 years. Shorter terms mean less interest but higher payments. Avoid loans over 5 years — you'll pay more interest while the car depreciates faster than you pay it off.

Car loan vs personal loan: which is better?

Car loans typically have lower rates (car is collateral) but may require full coverage insurance. Personal loans have higher rates but more flexibility. Compare total costs including insurance.

Can I pay off my car loan early?

Yes, most car loans allow early payoff without penalties. This is especially beneficial in the first years when most of your payment goes to interest rather than principal.

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