Enter your loan details below to see your estimated monthly payment and total loan cost
Understanding how auto loans are calculated can help you secure better financing terms and save money on your next vehicle purchase.
The total amount you borrow to purchase the vehicle is calculated as the vehicle price minus your down payment and trade-in value, plus taxes and fees. This auto loan principal determines your monthly payments.
The annual percentage rate (APR) represents the cost of borrowing. Your credit score, loan term, and lender determine your rate. Even a small difference in auto loan interest rates can save you thousands over the loan term.
The length of time you have to repay the loan affects both monthly payments and total interest. Shorter auto loan terms mean higher monthly payments but significantly less interest paid over the life of the loan.
A higher credit score can qualify you for lower interest rates, saving you thousands over the life of the loan. Check your credit report before applying.
A larger down payment reduces your loan amount and monthly payments. Aim for at least 20% down to secure better financing terms.
While longer terms offer lower monthly payments, you'll pay more in total interest. Consider the shortest term you can comfortably afford.
Get quotes from multiple lenders including banks, credit unions, and online lenders to find the best auto loan rates available.