Use our automotive loan calculator to find your monthly car loan payments. Enter a car price and adjust other parameters as needed to see how changes affect your estimated monthly automotive payment.
Auto financing is used when you don’t have the cash on hand to pay for a new car. An auto loan can help you buy it, used or new!. When you get an auto loan, you borrow money from a lender to buy a car, typically a bank. You agree to pay back the funds over a set period of time, plus any fees and interest you accrue.
Automotive Loan Definitions
Down payment — This is a payment you make upfront toward the cost of the car. It can be cash, the value of a vehicle trade-in or both. The down payment helps lower the overall amount you need to finance — which can mean lower monthly payments.
Interest Rate — Interest Rate is the amount you’ll pay to borrow the money, including interest and fees, given as a yearly percentage. The higher the APR, the more you’ll owe in return for the loan.
Loan term — Also called loan duration, this is the length of time you’ll have to pay off your loan. Keep in mind that the longer your loan term, the more you’re likely to pay in interest.
Monthly payment — The monthly payment is the amount you owe each month. It’s made up of principal, interest and other fees, if applicable.
Principal — This is the amount that you are borrowing minus fees, penalties, interest and other costs.
Total cost — Total cost refers to the total loan amount, or overall principal and interest, you’ll pay over the life of your car loan.