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Auto Loan Payment Calculator

24 Months (2 Years) 36 Months (3 Years) 48 Months (4 Years) 60 Months (5 Years) 72 Months (6 Years) 84 Months (7 Years)

Estimated Monthly Payment

Total Interest
Total Cost (Loan)
function calculateAutoLoan() { var price = parseFloat(document.getElementById('carPrice').value) || 0; var down = parseFloat(document.getElementById('downPayment').value) || 0; var trade = parseFloat(document.getElementById('tradeIn').value) || 0; var rate = parseFloat(document.getElementById('interestRate').value) || 0; var term = parseInt(document.getElementById('loanTerm').value) || 60; var principal = price – down – trade; if (principal <= 0) { alert("The loan amount must be greater than zero. Please adjust your price or down payment."); return; } var monthlyRate = (rate / 100) / 12; var monthlyPayment = 0; if (monthlyRate === 0) { monthlyPayment = principal / term; } else { monthlyPayment = principal * (monthlyRate * Math.pow(1 + monthlyRate, term)) / (Math.pow(1 + monthlyRate, term) – 1); } var totalCost = monthlyPayment * term; var totalInterest = totalCost – principal; document.getElementById('monthlyPaymentDisplay').innerHTML = '$' + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('totalInterestDisplay').innerHTML = '$' + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('totalCostDisplay').innerHTML = '$' + totalCost.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resultArea').style.display = 'block'; }

Understanding Your Auto Loan Calculation

Purchasing a vehicle is one of the most significant financial decisions you'll make. Our Auto Loan Payment Calculator helps you estimate your monthly obligations so you can shop with confidence. To get an accurate result, you need to understand the three primary components that influence your car payment.

1. The Loan Principal

The principal is the total amount you are borrowing from the lender. This is calculated by taking the Vehicle Price and subtracting your Down Payment and any Trade-In Value. For example, if you buy a $30,000 car and put down $5,000, your principal is $25,000.

2. The Interest Rate (APR)

The interest rate is the cost of borrowing money, expressed as a percentage. This rate is heavily influenced by your credit score, the age of the vehicle (new vs. used), and current market conditions. Even a 1% difference in your interest rate can save or cost you thousands of dollars over the life of the loan.

3. The Loan Term

The term is the length of time you have to pay back the loan, usually ranging from 24 to 84 months. While a longer term (like 72 or 84 months) will result in a lower monthly payment, you will end up paying significantly more in total interest over time.

Real-World Example

Suppose you purchase a SUV for $40,000. You provide a $10,000 down payment, leaving a principal of $30,000. At an interest rate of 6% over a 60-month term:

  • Monthly Payment: $579.98
  • Total Interest Paid: $4,799.04
  • Total Cost of Loan: $34,799.04

Tips to Lower Your Monthly Car Payment

  • Improve your credit score: A higher credit score qualifies you for lower interest rates.
  • Increase your down payment: Paying more upfront reduces the principal and the amount of interest accrued.
  • Shop around: Check rates with credit unions and online lenders, not just the dealership.
  • Consider a shorter term: If you can afford it, a 36 or 48-month loan often comes with lower interest rates and saves you money in the long run.

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