LoanSense

Auto Loan Calculator

Calculate your monthly car payment and see the total cost of your auto loan with interest.

Vehicle & Loan Details

$
$

20.0% of vehicle price

$

Additional Costs

Tax amount: $2,450.00

$

Monthly Payment

$591.18

Cost Breakdown

Vehicle Price$35,000
Sales Tax$2,450.00
Fees$500
Total Cost$37,950.00

Loan Summary

Loan Amount$30,950
Total Interest Paid$4,521
Total Amount Paid$35,471
Total Out of Pocket$45,421

Understanding Your Auto Loan

Down Payment Impact

A larger down payment reduces your loan amount and monthly payments. Most experts recommend putting down at least 20% for a new car and 10% for a used car to avoid being underwater on your loan.

Loan Term Length

Longer loan terms (60-72 months) mean lower monthly payments but more interest paid over time. Shorter terms (36-48 months) have higher payments but save you money on interest.

Interest Rates

Your interest rate depends on your credit score, loan term, and whether the vehicle is new or used. Better credit scores typically qualify for lower rates, potentially saving thousands over the loan term.

Trade-In Value

Trading in your current vehicle can reduce your loan amount. Research your car's value using KBB or Edmunds before visiting a dealership to ensure you get a fair trade-in offer.