Understanding the true cost of your car loan is essential for making an informed decision. This calculator helps you estimate monthly payments, total interest, and compare different financing options.
The amount you borrow to purchase the vehicle, after accounting for down payment and trade-in value.
The cost of borrowing money, typically expressed as an annual percentage rate (APR).
The length of time you have to repay the loan, typically ranging from 3 to 7 years.
A larger down payment reduces your loan amount and can help secure better interest rates.
Your current vehicle's value can be used to reduce the amount you need to finance.
Making additional payments can significantly reduce the total interest paid and shorten the loan term.
Compare rates from multiple lenders, including banks, credit unions, and dealerships.
Look beyond the monthly payment to understand the total cost of the loan, including interest.
Your credit score significantly impacts the interest rate you'll receive. Check and improve your credit before applying.
This calculator provides estimates only. Actual loan terms, interest rates, and payments may vary based on your credit score, income, and other factors. Additional fees and charges may apply. Please consult with a financial advisor or lender for personalized advice.