Car Payment Calculator: Estimate Monthly Loan Payments

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Car Payment Calculator: Estimate Monthly Loan Payments
Estimate monthly auto loan payments, choosing the credit profile and loan terms to see how they affect payments.
By Philip Reed Auto Loans Edmunds.com Philip Reed is an automotive expert who writes a syndicated column for Edmunds.com.
NerdWallet. He has been featured on national television and radio and once wore an invisible camera for ABC News to show how to bargain for a used car. His main focus is helping people save money on their budgets for automobiles.




And Shannon Bradley Lead Writer | , loans Shannon Bradley covers the auto loans as part of NerdWallet. While in college, pursuing a journalism degree, Shannon completed an internship which led her not to the newsroom instead, to a bank's marketing department. She spent the next 30-plus years as a writer and content manager in the field of financial services writing educational content that covered a wide variety of business and personal financial topics. After being a NerdWallet reader for several years, Shannon welcomed the opportunity to join the NerdWallet team as a writer and assist more people in financial decisions. Shannon is located within Newburgh, Indiana.





Dec 9, 2022


Written by Samantha Allen Lead Assigning Editor Samantha Allen leads the insurance team at NerdWallet. She was previously the digital managing editor for the magazines Financial Planning and On Wall Street. She completed Northwestern University's certified financial planner program and has been covering personal finance and wealth management for over 10 years.







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Make use of an auto loan calculator to calculate what your monthly car loan amount will be, or the amount you can afford to spend.
The auto loan payment calculator calculates monthly payments based on a price as well as trade-in and information about your down payment; you can change the loan time and interest rate to view how they change your payment and the total amount of interest.
Use this automated loan calculation tool if you have an idea of what you will pay.
For example, perhaps you think you are able to afford a $20,000 loan on a brand-new vehicle. A 48-month loan for the most creditworthy borrower would be 4% or less. If you take that rate, you'll be paying around $452 per month and $1,676 of interest over the life of the loan. A subprime rate might be as high as 11%, making the monthly payments approximately $515but you'll pay higher than $4,500 of interest.
A lot of people lower their payment by extending the duration for the loan. If you extend the time period from 60 to 120 months payments for the $20k loan with a rate of 11% drop between $515 and $435. However, you'd have to pay an interest of nearly $6,100, or an additional $1,600 in the process.
How to utilize this calculator for auto loan payment calculator
Here's the information you will have to enter in an car loan calculation of payments.
Car price Price of the car: In this field include the price you anticipate paying for the vehicle. To determine the cost of a new car begin with the sticker price of the car (also called the MSRP). Add any savings you can get from dealer negotiations or manufacturer rebates. Then add the cost of options and also the "destination fee" that is charged for new vehicles.
When it comes to used vehicles Estimating the price of sale is a bit more challenging. It is possible to start by determining the asking price of the seller however, you might be able to negotiate lower. To figure out an acceptable price, refer to price guides online or look up local online classified ads for comparable cars.
Rate of interest: There's a variety of ways to figure out the interest rate that you should enter. At the top of your calculator you can choose your credit score from the dropdown to see . You can also search for rates. If you get pre-qualified or preapproved for an loan you simply need to input the rate you're offered.
Down payment and trade-in Input the total amount you're putting toward the new car, or the trade-in value of your existing car, if it has one. There are online websites to get appraisals and price assistance. When using a pricing guide, make sure you examine the value of the trade-in, instead of the retail price (the price at which the dealer offers to sell the vehicle). You can also get cash purchase offers from your local CarMax or online through companies like Vroom or Carvana to establish a base.
The number of months you want to enter is the loan term (the length of time you have to pay off the loan). Car loans are available in 12 month increments, with the most common term being 24 36, 48, and 60 months. The longer the term will cost you more in interest over the course of your loan.
Min. credit score 620

Min. credit score 660

Min. credit score 575

Est. APR 5.49-17.54 percent

Est. APR 6.49-14.24 percent

Est. APR 3.69-21.00%

Loan amount $7,500-No max.

Loan amount $5,000-$100,000

Amount of loan $8,000-$100,000.






An auto loan calculator will reveal more than payments
When you look at the monthly payment results, make certain to take into consideration the total amount that you'll be spending on the car loan. When you use the calculator tool to compare loans the possibility of a lower monthly payment might be attractive, but it could also lead to an increase in interest rates and the overall cost.
You should be aware of the fact that you may have costs on top of your auto loan calculation's "total cost of vehicle" result, since it does not reflect state and local taxes, dealer documentation fees (which can vary widely) as well as registration costs. You can look up online or call the dealership and ask them for estimates of these costs for your region.
An auto loan calculator that does more than show the monthly loan payment. Use it to compare lender offers, and to test various terms and rates of interest. loan terms. The information you acquire will assist you in negotiations with lenders and dealers and ultimately choose the best auto loan for your financial situation.
NerdWallet suggests that you research an auto loan prior to going to dealerships; you'll give the dealer a rate that you can beat and not worry about whether you won't be able to get a loan.
What auto loan calculator should you use?
Use a when you have a particular monthly budget in your mind. Let's say you've decided that you are able to spend $350 per month on a car. Depending on the interest rate and length of loan you choose for a car loan, a payment of $350 could repay a $15,600 car loan at 3.66% in 48 months or a $19,100 loan for 60 months.
Use this calculator to calculate the balance of your simple auto loan at any point throughout its tenure.
Utilize the calculator to find an affordable car cost that is within your budget and your income.
Compare the current loan against a new loan with a lower interest.
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The authors' bios: Philip Reed is an expert in the field of automotive and is the author of a syndicated column
NerdWallet is a brand that has been featured in USA Today, Yahoo Finance and others. The author has written 10 books.


Shannon Bradley covers auto loans for NerdWallet. She has spent over 30 years working in banking as a journalist for financial educational content.







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