Car Loan Calculator
Calculate monthly payments, total interest & cost of financing
Currency
Vehicle Price
$25,000
$1k$25k$50k$75k$100k
$
Down Payment
$5,000
$0$12.5k$25k$37.5k$50k
$
Trade-in Value
$0
$0$7.5k$15k$22.5k$30k
$
Interest Rate (APR)
6.5%
0%7.5%15%22.5%30%
% APR
Loan Term
60 mo
12mo30mo48mo72mo96mo
months
RESULTS
Monthly Payment
$386.66
per month
Loan Amount
$20,000
Total Interest
$3,200
Total Cost
$28,200
■ Principal
■ Interest
Vehicle Price$25,000
− Down Payment$5,000
− Trade-in$0
Loan Principal$20,000
+ Total Interest$3,200
Total Cost of Car$28,200
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Frequently Asked Questions
Monthly payment = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate, and n is the number of payments. For example, a $20,000 loan at 6.5% APR for 60 months gives a monthly payment of about $391.
Good car loan rates depend on your credit score. US buyers with excellent credit (750+) often get below 5% APR for new cars. Average US rates in 2024 range from 5–7% for new and 7–11% for used cars. UK rates typically range from 5–15% APR.
Yes — a larger down payment reduces the loan principal, lowering both monthly payments and total interest paid. Experts recommend at least 20% down for new cars and 10% for used cars to avoid being underwater on the loan.
Shorter terms (24–36 months) have higher monthly payments but far less total interest. Longer terms (60–84 months) lower payments but increase total interest significantly. Most financial advisors recommend keeping car loan terms at 60 months or less.