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What this tool does

Estimate a fixed-rate car loan from a vehicle price, a down payment, a trade-in, a sales tax rate you enter, fees, optional add-ons, and an APR. The page shows the amount financed, the payment, and the total cost.

How to use

1. Enter the vehicle price, the cash down payment, and any trade-in credit.
2. Enter the sales tax rate that applies to you. Leave fees and add-ons at 0 if you are not including them.
3. Enter the APR and the term in months. 36, 48, 60, and 72 are shortcuts.
4. Press Calculate. The APR in the sample is an example, not a lender offer.

Examples

• A 30,000 vehicle with 3,000 down

  With tax, fees, add-ons, and trade-in at 0, the amount financed is 27,000. The payment uses that amount, the APR, and the term.

• A trade-in and a tax rate you type

  Sales tax is the vehicle price times your rate. The trade-in is then subtracted. This is not a rule for every state.

Main features

• Amount financed shown apart from price, tax, fees, add-ons, down payment, and trade-in.
• A 36, 48, 60, and 72 month comparison on the same amount and APR.
• An optional monthly schedule and optional insurance, fuel, and maintenance estimates.

How it works

Amount financed is vehicle price plus sales tax plus fees plus add-ons, minus the down payment and the trade-in. Sales tax uses only the rate you type, applied to the vehicle price. The monthly payment uses the standard fixed-rate formula. At 0% APR the payment is the amount financed divided by the number of months. A longer term usually lowers the payment and raises total interest. The comparison uses the same financed amount and APR and does not call one term best.

Tips

• Use 0 for tax, fees, add-ons, or trade-in when you want those lines left out.
• Insurance, fuel, and maintenance are amounts you type. They are not averages.

Limitations

This is an estimate from the numbers you enter. It is not a loan approval, a promised rate, or a quote. States tax a trade-in in different ways, so the default math does not pretend there is one U.S. rule. A lender may treat fees or add-ons differently.

See the disclaimer for what these tools do not cover.

FAQ

How is an auto loan payment calculated?

The page finances the price plus the tax, fees, and add-ons you enter, after subtracting the down payment and trade-in. It then uses the fixed-rate payment formula. At 0% APR it divides the amount financed by the number of months.

How much interest will I pay on a car loan?

Total interest is the sum of the scheduled payments minus the amount financed. It changes with the APR and the term. It is an estimate, not a guaranteed cost.

Does a down payment reduce the amount financed?

Yes. Cash you enter as a down payment is subtracted before the payment is calculated.

How does a trade-in affect an auto loan?

The trade-in value is subtracted from the amount that needs to be financed. Tax is still calculated on the vehicle price, because states do not all tax a trade-in the same way.

Does a longer auto loan reduce the monthly payment?

A longer term usually lowers the monthly payment and increases total interest. The comparison table shows that without calling one term better.

How much does an auto loan cost in total?

Total of payments is the amount financed plus interest. Total purchase cost adds the vehicle price, tax, fees, add-ons, and interest.

Are these numbers sent to a server?

No. Vehicle price, tax, and term are used only in this tab. They are not stored or uploaded.