Estimate the monthly payment on a car loan, including sales tax, a down payment and any trade-in. See the total interest so you can compare loan terms before you visit a dealer.
How the auto loan calculator works
Amount financed = price − trade-in + sales tax − down payment. Sales tax is charged on the price minus the trade-in. Monthly payment = L × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where L is the amount financed, r is the monthly rate (APR ÷ 12) and n is the number of months.
Example
A $35,000 vehicle with $5,000 down, no trade-in and 7% sales tax ($2,450) leaves $32,450 to finance. At 6.5% APR for 60 months the payment is $634.92, with $5,645.29 in total interest.
Frequently asked questions
Does a longer loan term save money?
It lowers the monthly payment but increases the total interest, and you may owe more than the car is worth for longer. Compare 48, 60 and 72 months before choosing.
Is sales tax charged on the trade-in?
In many US states tax is charged only on the price after the trade-in value is deducted, but rules vary by state, so check locally.
Does this include fees and insurance?
No. Documentation fees, registration and insurance are not included, so add them separately if you finance them.
Please note: results are estimates for general information only and are not financial advice. Read our full disclaimer.