Auto Loan Payment Calculator

Calculate monthly car loan payments, total interest cost, and compare financing options.

How Auto Loan Financing & Monthly Payments Work

Auto loans use amortization calculations where every monthly payment is divided between principal reduction and interest charges.

Monthly Payment (M) = P × [ r(1+r)^n ÷ ((1+r)^n - 1) ]
P = Loan Principal (Vehicle Price minus Down Payment)
r = Monthly Interest Rate (Annual Rate ÷ 12)
n = Total Number of Monthly Payments (Loan Term in Years × 12)

Frequently Asked Questions

How does a down payment affect an auto loan?

A larger down payment directly reduces the financed principal amount, lowering both your monthly payment and the total interest accrued over the life of the loan.

Should I choose a 48-month or 72-month loan term?

Shorter terms (e.g. 48 months) have higher monthly payments but save significant money on overall interest. Longer terms lower monthly costs but increase total borrowing costs.

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Auto Loan Payment Calculator · Finance · car · loan · vehicle · finance