Car Loan Calculator

The car loan calculator provides valuable insights into the costs and monthly payments associated with financing a new or used vehicle. By inputting key variables (loan amount, interest rate, and other details), you can quickly obtain accurate estimates of monthly payments and total interest costs for your car loan.
Note: The numeric values in the calculator are for illustrative purposes; please enter your inputs
Car Loan Calculator
Add advanced info

How to use the Car Loan Calculator

  • Enter the numeric values for Vehicle price, Down payment, Loan terms, and others into the respective input fields. Note: If you want to include Sales tax and other fees in the calculation, click “Add advanced info” display additional input fields (make sure to switch the toggle button to Yes to enable the “Included in loans” option)
  • Press "Calculate" to process the data.
  • View your car loan calculation results on the right (for desktops) or below (for mobile devices). The results include details about your monthly payment and amortization schedule.
  • To recalculate, enter new numeric values into the input fields or click “Reset” to clear all data.
Your Car Loan Calculation Results
Monthly payment:
Loan amount$
Total interest cost$
* Upfront payment
Amortization Schedule
The following table illustrates how your car loan balance will change over time, based on the vehicle price, down payment, loan term, interest rate, and other inputs you provided.
Expand all years
Payment datePayment
Interest paidPrincipal paidLoan balance

The car loan calculator is a more than powerful tool, providing users with valuable insights into the costs and monthly payments associated with financing a new or used vehicle. By inputting key variables, including vehicle price, loan term, interest rate, and other details, you can quickly obtain accurate estimates of monthly payments and overall interest costs for your car loan.

What is the Car Loan Calculator?

A car loan calculator with trade-in is an automated financial tool developed to help individuals estimate how much they’ll need to pay to obtain an auto loan based on their provided inputs. The tool works so intuitively; by simply entering the required inputs, including vehicle price, down payment, loan terms, and other details, you will instantly find out how much you need to pay each month over the whole life of the loan, which includes both the principal and interest costs.

How to Use a Car Loan Calculator

You do not need to be a techie or a financial expert to use this tool. It's straightforward to use if you're familiar with terms like down payment, loan terms, and trade-in value.

Car Loan Calculator’s Key Terms Explained

By understanding the below terms, you can input the data correctly and clearly understand your car loan calculation results.

In the Input fields:

  • Vehicle price:

This refers to the amount of money you pay or agree to pay for a car before taxes, fees, additional options, or any add-ons.

  • Down payment:

It’s the initial money you pay upfront when purchasing a vehicle, which not only helps reduce the principal loan amount but also influences your monthly payment. Note that the higher the down payment, the smaller the principal and monthly payment.

  • Loan terms:

In a car loan monthly payment calculator, the loan term signifies the length of time you need to pay off your car loan thoroughly. As with a down payment, loan terms directly influence the monthly payments of your loan. Normally, car loans come in 12-month intervals, such as 24, 36, 48, 60, 72, or 84 months.

  • Interest rate:

The "interest rate" is the percentage (%) of the loan amount you’ll have to pay the lender for borrowing the money. It’s exactly the cost of borrowing that significantly influences monthly payments and the overall expense of the loan.

  • Trade-in value:

Simply put, this term refers to the amount of money a dealer offers for your old car when you buy a new one. The trade-in value, determined by your vehicle’s current market value, helps reduce the price of the new car and the total loan amount.

  • Amount owed on trade-in:

This is the remaining balance of the loan on your old vehicle that you’d like to trade in for a new one. “Amount owed on trade-in” reduces the net trade-in value of your old car and directly increases your total car loan amount.

In the Results section:

  • Monthly Payment:

It’s the amount of money you (the borrower) pay to the lender every month to repay your car loan. Monthly payments always cover both the interest and principal of the loan.

  • Total interest costs:

This term refers to the overall amount of money you’ll need to pay in interest over the entire life of your vehicle loan.

  • Total loan payment:

The total loan payment is the sum of money you have to repay over the entire term of your car loan. It encompasses the principal amount borrowed, the total interest cost, and any fees and taxes.

  • Amortization Schedule:

It’s a table that provides a full breakdown of money payments, including the amount that goes towards the principal loan balance, the amount that goes towards interest, and the remaining balance for each period. Looking at the amortization schedule, you’ll know how your car loan is paid off until the end of your loan term.

Instructions on How to Use a Car Loan Calculator

Step 1. Enter the required inputs in the respective fields, including Vehicle price, Down payment, Estimated interest rate, Loan term, and Start date. Input Trade-in value and Amount owed on trade-in if these values are available.

Note: If you want to include sales taxes and other fees in the loan, select the “Add advanced info” option to reveal more input fields.

Step 2. Press the blue Calculate button & wait a moment for the auto loan calculation results.

Step 3. Receive your auto loan calculation results.

Step 4. Adjust your auto loan calculation results (if needed) by going back to the above input fields and making any adjustments to the values for any variables. When done, press the Calculate button to see the new results.

Step 5 (optional). Select the Reset option to clear all the values you’ve inputted.

Benefits of Using a Car Payment Loan Calculator

A car loan amortization calculator can bring a plethora of great benefits, including:

  • Enabling you to accurately estimate monthly payments

Based on your inputs for car price, down payment, estimated interest rate, loan term, and more, the tool almost immediately shows you details about your monthly payments, total interest cost, total loan amount, and amortization schedule for the loan. This will help you determine the car's price range you can afford as well as how to adjust your budget accordingly.

  • Comparing various loan scenarios

The Car Loan Calculator allows users to easily adjust inputs for all variables within the tool, from vehicle price to interest rate, loan term, down payment, and others. This way, you can experiment with different loan scenarios and see how different loan terms, interest rates, or down payments affect your monthly payments and total interest cost. Based on these comparisons and experiments, you can make informed decisions that well suit your financial situation, your needs, and your long-term financial goals.

  • Negotiating with confidence to get a better deal

A calculator for car loan, with the results provided based on your inputs, gives you a clear idea of how much you are able to afford and what loan payment terms work for you. As a result, you can negotiate confidently with the dealer or the lender, focusing on terms that fulfill your budget conditions.

FAQs about the Car Auto Loan Calculator

How much is a $20,000 car loan for 5 years?

Assuming the interest rate of 6.5%, the monthly payments and total loan payment would be about $391 and $23,479, respectively, for the term of 60 months to entirely pay the $20,000 car loan. But it’s worth noting that the monthly cost and total payment of a $20,000 car loan depend on various factors, including the interest rate, repayment period, etc.

Is 84 months 7 years?

Yes, 84 months is equivalent to 7 years. The loan term in car loans is commonly expressed in months, so an 84-month car loan means that its loan term lasts 84 months, which equals 07 years by dividing it by 12 months. That means you have 84 months, or about seven years, to pay off your car loan.

What's the longest car loan?

The longest car loan available is 120 months, or 10 years. However, the loan term of 120 months is not common; in fact, most lenders offer a maximum of 84 months for car loans. Please note that longer terms for car loans result in lower monthly payments but higher total interest costs.


It’s not an exaggeration to say that a car loan is an indispensable tool, assisting you in planning and comparing different options for financing your car purchase. Using this free, automated tool, you can easily estimate the monthly payments, experiment with various loan scenarios, and receive a detailed amortization schedule for the loan. However, remember that a car loan calculator is only an estimate and does not guarantee your actual loan terms or approval. You should always consult with a lender or your financial advisor before getting a car loan.