Auto Loan Calculator
Calculate your exact monthly car payment including total interest and total cost of ownership.
Monthly Car Payment
$0.00
📐 Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1] where P = loan amount, r = monthly rate, n = number of payments
Frequently Asked Questions
As of 2025, average new car loan rates range from 5–8% for buyers with good credit (700+). Rates above 10% are considered high. Your credit score, loan term, and lender all affect the rate you get.
A larger down payment reduces your loan amount, monthly payment, and total interest paid. Aim for at least 20% down on a new car and 10% on used. It also prevents being "underwater" on your loan.
Longer loan terms lower monthly payments but significantly increase total interest paid. A 72-month loan at 7% on $30,000 costs about $3,000 more in interest than a 48-month loan.