Whether you're buying new or used, knowing your monthly payment before you step into a dealership puts you in control. This calculator gives you an accurate number in seconds — including sales tax and trade-in value — so you can negotiate from a position of strength.
How to Use This Auto Loan Calculator
Enter the vehicle price, your down payment, any trade-in value, your state's sales tax rate, the loan term in months, and the APR (interest rate) you expect. The calculator shows your monthly payment, total interest paid, and the true total cost of the vehicle.
Average Car Loan Rates
Your APR depends heavily on your credit score. See the table below for typical ranges by credit tier. Used car loans typically carry rates 1–3% higher than new car rates for the same credit profile.
| Credit Score | Typical APR (New Car) |
|---|---|
| 750+ (Excellent) | 5–7% |
| 700–749 (Good) | 7–9% |
| 650–699 (Fair) | 10–13% |
| Below 650 (Poor) | 14–20%+ |
*Used cars carry rates 1–3% higher for the same credit profile.
Should You Choose a Longer Loan Term?
A 72 or 84-month loan lowers your monthly payment but costs significantly more in interest — and puts you at risk of being "upside down" (owing more than the car is worth). Cars depreciate quickly; long loans can leave you owing $5,000–$10,000 more than your car is worth by the midpoint of the loan.
Best practice: Keep your auto loan term at 60 months or less whenever possible.
Trade-In Value — Know Before You Go
Check Kelley Blue Book (kbb.com) or Edmunds for an independent estimate before visiting the dealer. Dealers often offer below-market trade-in values — negotiate the trade-in and vehicle price separately.
Frequently Asked Questions
What's included in the monthly payment?
Principal and interest only. Budget separately for insurance, registration, maintenance, and gas.
Can I get a car loan with no down payment?
Yes, but it's not ideal — you'll owe more than the car is worth immediately.
Does the calculator include sales tax?
Yes — enter your state's rate and it's added to the financed amount.
Before committing to a car purchase...
Use our Car Affordability Calculator to make sure the payment fits your overall budget.
Go to Car Affordability Calculator →