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Calculate your monthly car loan payment instantly. Enter the vehicle price, down payment, interest rate, and loan term to estimate your auto loan cost.
Your car payment is determined by four factors: vehicle price minus down payment (the principal), interest rate, and loan term. The formula is: M = (P − D) × [r(1+r)^n] / [(1+r)^n − 1], where D is the down payment. For example, a $25,000 car with a $5,000 down payment financed at 6.5% APR for 60 months results in a monthly payment of approximately $390.44 and total interest of $3,426.
New car loans typically offer lower interest rates (4%–7%) compared to used car loans (5%–10%) because the vehicle serves as collateral and newer cars hold value better. A larger down payment (20% or more) can help secure a lower rate. Keeping the term at 48–60 months avoids paying excessive interest on a depreciating asset.
Financial experts recommend at least 20% down for a new car and 10% for a used car. A larger down payment reduces your monthly payment and total interest, and helps you avoid being upside-down on the loan.
Longer terms lower the monthly payment but cost significantly more in interest. A 72-month loan also increases the risk of owing more than the car is worth (negative equity). Aim for 60 months or less when possible.
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