Professional auto loan calculator for accurate car financing calculations. Calculate monthly payments, total interest, and compare financing options for new and used vehicles. Trusted by car buyers and dealerships for precise vehicle financing planning.
Auto Loan Details
Enter your vehicle and financing information
Recommended: 20% for new cars, 10% for used cars
Typical Rates (January 2026)
• Excellent credit (750+): 4.5-6.5% new, 5-7.5% used
• Good credit (700-749): 6-8.5% new, 7-9.5% used
• Fair credit (650-699): 8.5-12% new, 10-14% used
• Below 650: Rates vary widely, 12%+ typical
Most common: 36, 48, 60, or 72 months. Avoid 72+ for better value.
Auto Loan Summary
Your calculated auto loan payment breakdown
How to Use This Calculator
Master your auto loan calculations with our comprehensive guide and professional insights.
Frequently Asked Questions
What is a good interest rate for an auto loan?
A good auto loan interest rate depends on your credit score, loan term, and whether the vehicle is new or used. As of 2024, excellent credit (750+) may qualify for rates around 4-6% for new cars, while good credit (700-749) might see rates of 6-8%. Used car rates are typically 1-2% higher.
How much should I put down on a car?
Financial experts recommend putting down at least 20% on a new car and 10% on a used car. A larger down payment reduces your monthly payments, lowers total interest paid, and helps you avoid being upside-down on your loan (owing more than the car is worth).
What loan term should I choose for my auto loan?
Shorter loan terms (36-48 months) have higher monthly payments but save money on interest. Longer terms (60-72 months) have lower payments but cost more overall. Avoid terms longer than 60 months as the car may depreciate faster than you pay off the loan.
Should I finance through a dealer or bank?
Compare rates from both. Credit unions and banks often offer competitive rates, while dealers may offer promotional 0% APR financing on new cars. Get pre-approved from your bank first to have negotiating leverage at the dealership.
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