Car Loan Calculator
Calculate your monthly car payment with this free online car loan calculator. Includes down payment, trade-in, sales tax, fees and a term comparison.
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How to use Car Loan Calculator
- 1Enter the vehicle price, down payment, trade-in value, sales tax and fees
- 2Enter the interest rate (APR) and pick a loan term
- 3Read your monthly payment, total interest and the comparison across 24–84 month terms
Frequently asked questions
How is a car loan payment calculated?▾
The loan amount is the price minus down payment and trade-in, plus tax and fees if financed. The monthly payment is loan × r ÷ (1 − (1 + r)^−n), where r is the APR divided by 12 and n is the number of months.
Is a longer car loan better?▾
A 72- or 84-month loan lowers the monthly payment but costs much more in interest, and you may owe more than the car is worth for years. 60 months or less is usually a better balance.
Does a trade-in reduce sales tax?▾
In most US states sales tax is charged only on the price minus the trade-in value, which this calculator assumes. A few states, such as California, tax the full price.
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