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
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M = P × r × (1+r)^n / ((1+r)^n − 1)
P = loan amount (price minus down payment), r = monthly rate, n = number of months, M = monthly payment.
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.
Shorter terms (36-48 months) save significantly on interest. 72-84 month terms lower the monthly payment but cost much more overall.
Aim for at least 20% to avoid being upside-down on the loan. More down payment = less interest paid.
Yes, significantly. Excellent credit (750+) can get rates under 5%, while poor credit may see rates above 15%.
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