Auto Loan Calculator

Q: Should I choose a shorter or longer loan term?

Shorter terms have higher payments but less total interest. Longer terms have lower payments but more total interest.

Q: Can I pay off my auto loan early?

Some lenders charge prepayment penalties, but many allow early payoff without penalty.

Use our free auto loan calculator to estimate monthly car payments including sales tax, trade-in, and additional fees. Switch to Total Cost mode to see the full cost of the vehicle.

Financial

Currency

Mode

Car Price

Down Payment (%)

Trade-In Value

Annual Interest Rate (%)

Loan Term (years)

years

Sales Tax Rate (%)

Other Fees

Formula

An auto loan payment depends on the financed amount (car price minus down payment and trade-in, plus sales tax and fees), the interest rate, and the loan term. Switch to Total Cost mode to see the overall cost of the vehicle.

M = (P + T + F)[r(1+r)^n] / [(1+r)^n - 1]

Percentage: The percentage value you want to apply

Number: The original number or value

Result: The calculated result

How It Works

1Enter the car price and your down payment percentage.
2Enter the trade-in value if applicable.
3Enter the annual interest rate and loan term.
4Include sales tax and additional fees for a precise estimate.
5Switch to Total Cost mode to see the full cost including interest.

Examples

$35,000 car, 10% down, 6%, 5 years, 7% tax

1.Loan amount = $35,000 - $3,500 (10%) - $5,000 = $26,500
2.Tax = $35,000 x 7% = $2,450, Fees = $500
3.Amount financed = $26,500 + $2,450 + $500 = $29,450
4.Monthly payment = $569.27

Result: $569.27

Frequently Asked Questions

The trade-in value is subtracted from the car price, reducing the amount you need to finance.

Sales tax is often added to the loan amount, especially if it is rolled into the financing.

Rates vary by credit score. Excellent credit (720+) may get 1-4%, while poor credit (<600) may see 10%+.

Shorter terms have higher payments but less total interest. Longer terms have lower payments but more total interest.

Some lenders charge prepayment penalties, but many allow early payoff without penalty.

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CalculateMe Team

Last updated: 2026-07-15

Frequently Asked Questions

The trade-in value is subtracted from the car price, reducing the amount you need to finance.

Sales tax is often added to the loan amount, especially if it is rolled into the financing.

Rates vary by credit score. Excellent credit (720+) may get 1-4%, while poor credit (<600) may see 10%+.

Shorter terms have higher payments but less total interest. Longer terms have lower payments but more total interest.

Some lenders charge prepayment penalties, but many allow early payoff without penalty.

Auto Loan Calculator

Formula

How It Works

Examples

$35,000 car, 10% down, 6%, 5 years, 7% tax

Frequently Asked Questions

How does trade-in affect my loan?

Is sales tax included in the loan?

What is a good interest rate for a car loan?

Should I choose a shorter or longer loan term?

Can I pay off my auto loan early?

Related Calculators

Related Articles

Auto Loan Calculator

Formula

How It Works

Examples

$35,000 car, 10% down, 6%, 5 years, 7% tax

Frequently Asked Questions

How does trade-in affect my loan?

Is sales tax included in the loan?

What is a good interest rate for a car loan?

Should I choose a shorter or longer loan term?

Can I pay off my auto loan early?

Related Calculators

Related Articles