Should I put more money down?

A larger down payment reduces your loan amount, monthly payment, total interest paid, and risk of being 'upside down' (owing more than the car is worth).

Is a longer loan term better?

A longer term lowers monthly payments but significantly increases total interest paid. A 72-month loan on a $25,000 car at 7% costs ~$5,400 more in interest than a 48-month loan.

What is the 20/4/10 rule for car buying?

Put at least 20% down, finance for no more than 4 years, and keep total vehicle expenses (payment + insurance) under 10% of gross monthly income.

Auto Loan Calculator — Monthly Car Payment

The Auto Loan Calculator helps you estimate your monthly car payment before you visit a dealership. Enter the car price, your down payment, the interest rate, and the loan term to see your exact monthly payment. Understanding your payment ahead of time puts you in a stronger negotiating position.

Car Price($)

Down Payment($)

Annual Interest Rate(%)

Loan Term

Frequently Asked Questions

As of 2024, average auto loan rates range from 5–8% for new cars with good credit and 8–14% for used cars. Rates above 20% indicate subprime lending.

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