This loan calculator helps you estimate your monthly payments and explore amortization schedules
Buying a new car is an exciting milestone, but it also requires careful financial planning. This auto loan calculator helps you estimate the total cost of financing your purchase. Input the vehicle price, down payment, trade-in value, loan term, interest rate, taxes and fees to see the monthly payment amount. It also shows the loan breakdown between principal and interest paid over the life of the loan.
You can get pre-approved financing from a bank or credit union before shopping for your car. This allows you to negotiate the best interest rate and comparison shop different lenders. Alternatively, the dealership can handle financing paperwork and provide loan options through captive lenders tied to the automaker. This route is more convenient but gives you less leverage on rate shopping.
Either way, auto loans make buying a car more affordable by spreading out the payments over several years. This calculator provides key data to weigh the true costs of financing options as you budget for your new vehicle. Careful planning helps ensure you get the car you want at a monthly price you can handle.