Use our free Car Loan Calculator to estimate your monthly auto payments, total interest, and loan cost based on your vehicle price and terms.

1. What is the car loan calculator & how does it work?
This calculator is intended to help you estimate your monthly car payment on a car loan based on the price of your vehicle, the interest rate you would be paying and the loan term you’d be signing up for. It is widely used by car shoppers, dealers and financial advisors to better understand how auto loan terms impact the bottom line of the purchase of a vehicle.

Nearly all the car loan calculators I found requested the price of the car, the interest rate, the term of the loan (in months), and a down payment. There are also some more advanced tools that allow you to account for trade-in value, taxes or dealer fees. The calculator then tells you what your monthly payment will be, your total cost of the loan, and how much interest you’ll pay over the life of the loan.

Although a car loan calculator can provide you with a solid estimate, the actual terms of your loan will depend on factors like your credit score, lender fees and financing incentives offered by dealers. Utilize the tool as a measuring stick to help you understand your financial commitment before walking into a dealership.

There are many different car loan calculators available online some will have amortization breakdowns and monthly interest comparisons and also the ability to search for a refinancing option. Whether you’re in the market for a new or used car, and in need for quick way to budget how much you need to spend in 2019, this tool can help prevent and unpleasant surprises.