Car Loan Calculator
Estimate monthly car loan payment from price, down payment, trade-in and rate.
Results are provided for general informational use. Verify important financial, health or legal figures before relying on them.
About this Car Loan Calculator
The Car Loan Calculator estimates a fixed monthly payment for an auto loan. It reduces the vehicle price by your down payment and trade-in value to find the amount financed, then applies the standard loan amortization formula over the chosen term in months.
For related tasks, try Mortgage Calculator, Loan EMI Calculator or Simple Interest Calculator.
How the calculation works
Amount financed equals vehicle price minus down payment minus trade-in value. Monthly payment = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the amount financed, r is the monthly interest rate and n is the term in months.
How to use it
- Enter the vehicle price, down payment and trade-in value.
- Enter the annual interest rate and loan term in months.
- Calculate to see the monthly payment and total interest.
Practical example
A 25,000 vehicle with a 3,000 down payment and a 2,000 trade-in leaves 20,000 financed. At 7% annual interest over 60 months, the calculator returns the fixed monthly payment.
Frequently asked questions
Does this include sales tax or fees?
No. Add any taxes, registration or dealer fees to the vehicle price first if you want them financed.
Why is the term in months, not years?
Auto loans are conventionally quoted in months, such as 36, 48, 60 or 72, unlike mortgages which usually use years.
Can trade-in value exceed the vehicle price?
The calculator allows it, but the amount financed floors at zero in that case since a negative loan is not meaningful.
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