Auto loan calculator
Monthly car payment with sales tax, fees, down payment and trade-in.
About this calculator
Use this auto loan calculator to see the monthly payment on a new or used car before you visit the dealer. Enter the price, your down payment and any trade-in, then compare terms from 36 to 84 months.
A longer term lowers the monthly payment but adds interest, and a car loses value quickly, so a long loan can leave you owing more than the car is worth. Check the total cost as well as the monthly figure.
How it works
The loan is the price, less the down payment and the trade-in, plus anything still owed on the trade-in and any tax and fees you add to it. The monthly payment then uses the standard level-payment formula.
Last reviewed:
Worked example
- Vehicle price: $35,000
- Down payment: $5,000
- Term: 60 mo
- Interest rate: 7% a year
- Sales tax: 7%
- Title, registration and dealer fees: $1,500
- Tax and fees: Add to the loan
Monthly payment: $672.25 (for 5 yr)
Common questions
What is a good interest rate for a car loan?
It depends on your credit score, the loan term and whether the car is new or used. Borrowers with strong credit get the lowest rates. Get quotes from a bank or credit union before you accept dealer financing.
Is it better to pay tax and fees upfront?
Paying them upfront means you borrow less and pay no interest on them. Adding them to the loan keeps more cash in your pocket today but makes the car cost more overall.
How much should I put down on a car?
A common guideline is about 20% on a new car and 10% on a used one. A bigger down payment lowers the payment and the interest, and makes it less likely you owe more than the car is worth.
Sources and further reading
The story behind it
Where the idea came from: General Motors set up its own lending arm, GMAC, in 1919 so that buyers could pay for a new car in instalments.
Early cars were sold for cash, which put them out of reach for most families. Paying in monthly instalments spread quickly in the 1920s, and car makers saw that easy credit sold more cars. The monthly car loan has been part of buying a vehicle ever since, and this calculator works out the same level payment a lender quotes.
Why you can trust this calculator
- It runs in your browser. Nothing you type into it is sent anywhere.
- The method is explained on this page, so you can check it yourself.
- Free to use, with no sign-up.
- Results are estimates, not financial advice.
- Spotted a mistake? Tell us and we'll look into it.
After 15 years as a mathematics educator, I built CalculStore to give students, teachers, professionals and anyone working with numbers simple, reliable tools.
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