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Loan Amount
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Total Interest
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Total Cost
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Car Loan Calculator
Let's figure out what this car will really cost you. Beyond just the monthly payment, see insurance, gas, maintenance, and whether it fits your budget.
Enter Your Car Details
Loan Terms
Loan Summary
Ready to Calculate Your Loan?
Fill in your car details above and see your loan breakdown instantly.
Real-World Monthly Costs
Total Monthly Car Expense:
$0
Trade-in Impact
Without Trade-in
$0/month
With Trade-in
$0/month
You save: $0 over the loan term
How to Use This Calculator (It's Pretty Simple)
1
Enter Car Details
Price, down payment, trade-in value, and sales tax.
2
Set Loan Terms
Interest rate (or use credit score estimator) and loan length.
3
Review Results
See monthly payment, total cost, and affordability analysis.
Understanding Your Results
Most car dealers focus on the monthly payment because it's the smallest number and sounds more affordable. But the total cost of the car (loan + interest + fees) is what really matters.
Why Monthly Payment Can Be Deceiving
A $400/month payment over 84 months costs you $33,600 total, while a $500/month payment over 60 months costs $30,000 total. The "cheaper" monthly payment actually costs you more!
The Real Cost of Car Ownership
Your loan payment is just one piece. Don't forget insurance (15-20% of your loan payment), gas, maintenance, and unexpected repairs.
Smart Car Buying Tips
When to Buy vs. Lease
- Buy if: You drive >12,000 miles/year, plan to keep car >3 years
- Lease if: You want newest technology, drive <10,000 miles/year
- Pro tip: Leasing reduces monthly payment but you never own the car
How to Negotiate Better
- Research first: Know the dealer's invoice price and competitor pricing
- Get pre-approved: Shows you're serious and gives you negotiating power
- Negotiate total price: Not just monthly payment - focus on the bottom line
Long vs Short Loan Terms
Here's the thing about 72+ month loans: They make the monthly payment look affordable, but you'll be underwater (owing more than the car is worth) for years. If you need to sell or trade-in early, you could lose money.
60-Month Loan
- • Higher monthly payment
- • Much less total interest
- • Build equity faster
- • Better if you keep cars 5+ years
72-Month Loan
- • Lower monthly payment
- • Significantly more interest
- • Underwater for longer
- • Riskier if finances change
Frequently Asked Questions
What's a good interest rate for a car loan?
Great question! For excellent credit (750+), aim for 5-7%. Good credit (700-749) should get 7-9%. If you're above 10%, shop around - you might qualify for better terms elsewhere.
How much should I put down?
20% is traditional, but 10-15% is more realistic for most buyers. More down payment = lower monthly payment and less interest. Even $1,000-2,000 down can make a difference.
Should I finance through the dealer?
Probably not. Dealers mark up interest rates to boost their profit. Get pre-approved by your bank or credit union first, then use that as leverage to negotiate a better dealer rate.
What if I have bad credit?
Don't panic! Focus on improving your credit score before buying. Consider a smaller loan, longer term, or cosigner. Some lenders specialize in bad credit auto loans.
Can I pay off my loan early?
Yes! Most auto loans allow early payoff without penalties. Extra payments go straight to principal, saving you interest and paying off the loan faster.