Car Loan Calculator
Calculate a car loan's monthly payment from the amount, rate and term.
Financing a vehicle
A car loan works like any repayment loan — the monthly payment depends on the amount borrowed, the interest rate, and the term. This calculates the payment and the total interest, so you can see the real cost of financing a car before signing, and compare deals on the same basis.
Enter the loan amount, rate and term to see the payment.
The traps specific to car finance
Car loans carry a couple of pitfalls worth knowing. Dealers often steer you toward a monthly payment rather than the total cost, and a low monthly payment achieved by stretching the term over many years can hide a high total interest and leave you owing more than the car is worth for much of the loan. Cars also depreciate fast, so a long loan on a rapidly-depreciating asset is a poor combination. Focusing on the total cost and the interest rate, not just the monthly figure, is how you avoid an expensive deal dressed up as an affordable one. This calculates the numbers; whether a particular loan is wise is your own decision.
Common questions
Why not just focus on the monthly payment?
Because a low monthly payment from a long term can hide high total interest and leave you owing more than the car is worth. Look at total cost and the rate.
Why is a long car loan risky?
Cars depreciate fast, so a long loan on a fast-depreciating asset means owing more than it is worth for much of the term.
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