Car Loan Calculator
Calculate your monthly car payment, total interest and full payment schedule. Includes trade-in value and sales tax for a realistic total cost.
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How to Use the Car Loan Calculator
Enter the vehicle price, your down payment, any trade-in value, the sales tax rate in your state, the annual interest rate and the loan term. Click Calculate to see your monthly payment, total interest and the full cost of the vehicle including financing.
What is a Good Car Loan Rate?
Car loan interest rates vary based on your credit score, the age of the vehicle, the loan term and the lender. As of 2025, average new car loan rates range from about 5% to 10% for borrowers with good credit. Used car loans typically carry higher rates. Borrowers with excellent credit (720+) can often qualify for rates below 5%, while those with poor credit may face rates of 15% or higher.
New vs. Used Car Loans
New car loans generally offer lower interest rates than used car loans. However, new cars depreciate rapidly — a new car can lose 20% of its value in the first year. A used car that's 2-3 years old offers much better value for money, even if the loan rate is slightly higher. Our calculator works for both new and used vehicle purchases.
Shorter vs. Longer Loan Terms
A longer loan term (72 or 84 months) gives you a lower monthly payment but means you pay significantly more interest overall. A shorter term (36 or 48 months) costs more per month but saves you a lot in interest. As a general rule, try to keep your car loan to 60 months or less to avoid being "underwater" on the loan (owing more than the car is worth).
Related Calculators
See also: Mortgage Calculator, Personal Loan Calculator, Student Loan Calculator.