Can I use this calculator for a used car loan?

Yes, the tool works for both new and used vehicle financing. You simply enter the agreed-upon purchase price, down payment, interest rate, and loan term to get an estimate of monthly payments and total interest.

Does the calculator include sales tax and registration fees?

No, the calculator only factors in the vehicle price, down payment, interest rate, and loan term. Sales tax, registration, and other fees are not included in the monthly payment or total cost results.

How accurate are the interest rate estimates?

The calculator uses the interest rate you input; actual rates offered by lenders depend on your credit score, loan term, and other financial factors. For accurate results, use an interest rate you are confident you qualify for.

Can I compare different loan terms side by side?

Yes, by adjusting the loan term and interest rate inputs, you can see how different scenarios affect your monthly payment and total interest, helping you choose the option that best fits your budget.

Loans & MortgagesTool Review

Auto Loan Calculator

Provided byBankrate Calculatorsbankrate.com

Calculates monthly auto loan payments and total interest from price, down payment, rate, and term.

One of 4 options for Auto Loan Calculator

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Screenshot of Auto Loan Calculator on Bankrate Calculators — bankrate.comOpen the live tool →

About this tool

What Auto Loan Calculator does

Bankrate's Auto Loan Calculator helps users estimate the monthly cost and total interest of financing a vehicle. By inputting the vehicle price, down payment, interest rate, and loan term, the tool produces a clear breakdown of the fixed periodic payment and the cumulative interest paid over the life of the agreement. This allows individuals shopping for new or used cars to compare scenarios and assess affordability before committing to a loan. The calculator is designed to handle the core financial variables involved in auto financing, providing a reliable estimate for budgeting purposes.

Step by step

How to use the Bankrate Calculators Auto Loan Calculator

1
Enter the total price of the vehicle you plan to finance.
2
Input the amount of your down payment or trade-in value.
3
Provide the annual interest rate you expect to qualify for.
4
Select the loan repayment term in months or years.
5
Review the resulting monthly payment amount and total interest cost displayed.

Is it right for you

Best for

This option suits car buyers who want a quick, side-by-side comparison of how interest rates and loan terms affect monthly payments and total cost, helping them budget before visiting a dealership.

Limitations

Results are estimates based on user-provided inputs and may not reflect actual lender offers.
Does not include taxes, fees, or insurance in the calculation.
Actual qualifying rates may vary based on credit profile and lender.

Questions

Auto Loan Calculator FAQ

Can I use this calculator for a used car loan?: Yes, the tool works for both new and used vehicle financing. You simply enter the agreed-upon purchase price, down payment, interest rate, and loan term to get an estimate of monthly payments and total interest.
Does the calculator include sales tax and registration fees?: No, the calculator only factors in the vehicle price, down payment, interest rate, and loan term. Sales tax, registration, and other fees are not included in the monthly payment or total cost results.
How accurate are the interest rate estimates?: The calculator uses the interest rate you input; actual rates offered by lenders depend on your credit score, loan term, and other financial factors. For accurate results, use an interest rate you are confident you qualify for.
Can I compare different loan terms side by side?: Yes, by adjusting the loan term and interest rate inputs, you can see how different scenarios affect your monthly payment and total interest, helping you choose the option that best fits your budget.

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