Auto Loan Calculator
A longer car loan lowers the payment but raises the total interest. Enter the price, your down payment and APR to see exactly what the car will cost you.
How it's calculated
Amount financed = price − trade-in + sales tax + fees − down payment. Sales tax is applied to the price minus the trade-in, which is how most states tax car purchases (a few states tax the full price — check your state's DMV). The monthly payment uses the standard loan formula M = L × r ÷ (1 − (1 + r)−n) with r = APR ÷ 12.
Questions & answers
What APR should I enter?
Use the APR from your pre-approval or the dealer's offer. Rates depend on your credit score, whether the car is new or used, and the loan term. The 7% shown is only an example.
Is a 72- or 84-month car loan a good idea?
It lowers the monthly payment but you pay more interest, and you may owe more than the car is worth for longer. Compare the "Total interest" line for 60 vs 72 months above.
Do I pay sales tax on a trade-in?
In most states, sales tax is charged on the price minus your trade-in value, which lowers the tax. A few states do not give this credit. This calculator subtracts the trade-in before tax.
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