Car Loan Calculator

By CalculatorInn Team · Updated: 2026-03-22 · Free & accurate · Instant results

Estimate your monthly car loan payment based on vehicle price, down payment, interest rate, and loan term.

Interactive Car Loan Calculator

JavaScript is required for the interactive calculator. Enable JavaScript to use this tool.

How to Use This Calculator

Step-by-Step Instructions

  1. Enter your vehicle price
  2. Enter your down payment
  3. Enter your interest rate (apr)
  4. Enter your loan term (months)
  5. Enter your result
  6. Enter your monthly payment
  7. Enter your total cost
  8. Enter your total interest
  9. Enter your monthly payment
  10. Enter your loan amount
  11. Enter your total interest
  12. Enter your total cost (price + interest)
  13. Results appear instantly — no button needed

Formula

Mathematical Formula

M = P × r × (1+r)^n / ((1+r)^n − 1)

How It Works

P = loan amount (price minus down payment), r = monthly rate, n = number of months, M = monthly payment.

Worked Examples

Used Car at 8%

Input: Price: $18,000, Down: $3,000, 8% for 48 months

$366/month, $2,558 total interest

Shorter terms with used cars reduce total interest paid.

Frequently Asked Questions

What loan term should I choose?

Shorter terms (36-48 months) save significantly on interest. 72-84 month terms lower the monthly payment but cost much more overall.

How much should my down payment be?

Aim for at least 20% to avoid being upside-down on the loan. More down payment = less interest paid.

Does my credit score affect the rate?

Yes, significantly. Excellent credit (750+) can get rates under 5%, while poor credit may see rates above 15%.

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