How to Use the Auto Loan Calculator
Our auto loan calculator helps you understand the true cost of financing a vehicle. Enter your vehicle price, down payment, interest rate, and loan term to see your monthly payment and total cost. You can also factor in trade-in value and sales tax for a complete picture.
The calculator shows you how much you'll pay in interest over the life of the loan, helping you compare different financing options and make an informed decision.
Scenario Comparison Feature
Compare multiple loan options side-by-side:
- • Save Scenario 1: Click "Save as Scenario 1" to lock in your current calculation
- • Modify Parameters: Adjust the interest rate, loan term, or down payment
- • Save Scenario 2: Click "Save as Scenario 2" to save your modified calculation
- • Visual Comparison: See payment differences, total cost differences, and savings at a glance
- • Example: Compare "6-year at 5.5%" vs "5-year at 6.2%" to see which saves more money
New vs. Used Car Financing
New Car Loans
- • Lower interest rates (typically 4-6%)
- • Longer loan terms available (up to 84 months)
- • Manufacturer incentives and special financing
- • Full warranty coverage
Used Car Loans
- • Higher interest rates (typically 5-9%)
- • Shorter loan terms (usually 36-60 months)
- • Lower purchase price
- • Faster depreciation already occurred