Auto Loan CalculatorPage Overview
Auto Loan Calculator
Use our car loan calculator below to give yourself an idea about your auto loan financing needs and your estimated monthly payment.
Our car payment calculator is designed to help you determine two estimated main factors:
- The loan amount you need to finance.
- Your monthly payments.
To use the payment calculator, simply:
- Enter the retail price of the vehicle. Remember, you might get a better price at the dealership; this step is just to get you started.
- Figure the sales tax. Sales tax varies by state, so you might need to contact your local motor vehicle agency to ask. Keep in mind, there could be a difference between the sales tax for a new vehicle and the sales tax for a used vehicle.
- Determine the annual interest rate. Like the sales tax, the interest rate can vary greatly, often depending on whether the car is new or used; how long you play to finance the car; and even the date. Currently, Bankrate provides auto loan interest rates based on three-month auto trends.
- Decide on your term. This means how long you plan to make car payments. Sometimes, the longer the loan term, the lower the monthly payments. Be sure to talk with your lender about the pros and cons of shorter vs. longer terms.
- Enter your down payment. How much money can you pay upfront for the vehicle? Generally, the higher the down payment, the lower the monthly payments.
- Provide your trade-in value. Are you trading in a used vehicle? How much is that vehicle worth?
Once you complete each of these steps, our calculator will provide you with an estimated car loan amount you need to finance as well as projected monthly payments.
When it comes to determining how much your new (or new to you!) car will cost, monthly car payments aren't your only financial concern.
For example, when determining your vehicle budget, you'll need to consider:
- Title and registration fees.
- Auto insurance costs.
- Vehicle inspection fees*.
- Smog and emissions testing fees*.
Each of these factors will help you determine how much owning your new or used vehicle will actually cost in the long run.
* Find out whether your state requires vehicle inspections, smog and emissions testing, or both.
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