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Estimate your monthly auto loan payment �?including sales tax, title fees, and APR �?in seconds. Free, no sign-up required.
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This calculator uses the standard amortization formula to compute your monthly payment. It factors in the vehicle price, your down payment, state sales tax, and any title or documentation fees to arrive at the total financed amount �?then applies your APR over the loan term.
New car loans typically carry lower interest rates than used car loans because new vehicles serve as better collateral. In 2025, the average new car APR for well-qualified buyers is around 5%�?%, while used car rates often run 8%�?2%. Your credit score is the biggest factor �?improving it before applying can save hundreds per year.
Your monthly payment is just one piece of the puzzle. Factor in insurance (typically $100�?200/month), fuel, maintenance, and registration fees when budgeting for a vehicle. A good rule of thumb: keep total vehicle costs under 15% of your take-home pay.
The payment uses the amortization formula on the total financed amount (price minus down payment, plus taxes and fees). The formula is M = P[r(1+r)^n] / [(1+r)^n�?], where r is the monthly rate and n is the number of months.
Borrowers with excellent credit (720+) may see rates of 5%�?% on new cars. Used car rates are typically higher. Credit unions often offer the most competitive rates �?always compare at least three lenders.
Shorter terms cost less in total interest and reduce the risk of negative equity. Most advisors recommend 60 months or less. Use the term field above to compare the total interest difference.
Yes �?enter your state's sales tax rate and it's applied to the taxable base (price minus down payment). This is how most states calculate auto sales tax.
At least 20% on a new car and 10% on a used car is a common guideline. A larger down payment reduces your loan, lowers monthly payments, and protects against negative equity as the car depreciates.
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Educational purposes only. Not financial advice. Consult a licensed financial professional for personalized guidance. Rate data reflects 2026 market conditions.
