Auto Loan Calculator
Estimate the monthly payment, total interest, and payoff date on a new or used car loan.
Loan Parameters
$
Monthly Payment
$701
- Total Interest
- $7,080
- Total Cost
- $42,080
- Payoff Year
- 2031
Term Comparison
3 yr
$1,089
$4,194 interest
4 yr
$846
$5,621 interest
5 yr
$701
$7,080 interest
6 yr
$605
$8,571 interest
7 yr
$537
$10,095 interest
Typical Auto Loan Rates & Terms
- Typical APR
- 6%–10% for new cars with average credit, 8%–14% for used cars
- Typical Term
- 3 to 7 years (longer terms have lower monthly payments but more total interest)
Tips for Auto Loans
- Get pre-approved through your own bank or credit union before visiting the dealer — dealer financing is often marked up.
- A larger down payment lowers both your monthly payment and the total interest you pay.
- Avoid loans longer than the useful life of the car. A 7-year loan on a 5-year-old used car often leaves you underwater.
- Always negotiate the out-the-door price, then financing separately. Bundling them lets the dealer hide markups.
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Frequently Asked Questions
- 6%–10% for new cars with average credit, 8%–14% for used cars. Your actual rate depends on your credit score, loan term, down payment, and the lender. Always shop at least three lenders before signing.