Vehicle loan calculator

Rebecca Betterton is a writer for Bankrate who has been reporting on auto loans since 2021. Through her writing, Rebecca aims to provide clarity and accessibility to the automotive loans industry as the cost to finance new and used vehicles continues to climb due to steep inflation. • Connect with Rebecca Betterton on Twitter Twitter • Connect with Rebecca Betterton on LinkedIn Linkedin • Get in contact with Rebecca Betterton via Email Email Helen Wilbers is a Bankrate editor specializing in auto and small business loans. Helen is passionate about demystifying complex topics, such as car financing, and helping borrowers stay up-to-date in a changing and challenging borrower environment. • Connect with Helen Wilbers on LinkedIn Linkedin • Get in contact with Helen Wilbers via Email Email Before arriving at a dealership, it is wise to first research vehicle financing. Auto loans are secured loans that help borrowers pay for a new or used car. They are available from dealerships and lenders, so it is important to shop around to find the best interest rates and terms for your vehicle. Bankrate's best auto loans are selected based on a lender's available rates and terms, customer experience and transparency. Lender highlights are outlined below to help you to determine which vehicle financing option is right for you. Read more Caret Down • Document How to apply for an auto loan Caret Down While a lower monthly payment may seem appealing, pay close attention to available terms, ...

Month Interest Principal Ending Balance 1 $166.67 $588.18 $39,411.82 2 $164.22 $590.63 $38,821.18 3 $161.75 $593.09 $38,228.09 4 $159.28 $595.57 $37,632.52 5 $156.80 $598.05 $37,034.48 6 $154.31 $600.54 $36,433.94 7 $151.81 $603.04 $35,830.90 8 $149.30 $605.55 $35,225.34 9 $146.77 $608.08 $34,617.27 10 $144.24 $610.61 $34,006.65 11 $141.69 $613.15 $33,393.50 12 $139.14 $615.71 $32,777.79 End of year 1 13 $136.57 $618.28 $32,159.51 14 $134.00 $620.85 $31,538.66 15 $131.41 $623.44 $30,915.23 16 $128.81 $626.04 $30,289.19 17 $126.20 $628.64 $29,660.54 18 $123.59 $631.26 $29,029.28 19 $120.96 $633.89 $28,395.39 20 $118.31 $636.54 $27,758.85 21 $115.66 $639.19 $27,119.66 22 $113.00 $641.85 $26,477.81 23 $110.32 $644.53 $25,833.29 24 $107.64 $647.21 $25,186.08 End of year 2 25 $104.94 $649.91 $24,536.17 26 $102.23 $652.62 $23,883.56 27 $99.51 $655.33 $23,228.22 28 $96.78 $658.07 $22,570.16 29 $94.04 $660.81 $21,909.35 30 $91.29 $663.56 $21,245.79 31 $88.52 $666.33 $20,579.46 32 $85.75 $669.10 $19,910.36 33 $82.96 $671.89 $19,238.47 34 $80.16 $674.69 $18,563.78 35 $77.35 $677.50 $17,886.28 36 $74.53 $680.32 $17,205.96 End of year 3 37 $71.69 $683.16 $16,522.80 38 $68.85 $686.00 $15,836.80 39 $65.99 $688.86 $15,147.93 40 $63.12 $691.73 $14,456.20 41 $60.23 $694.62 $13,761.59 42 $57.34 $697.51 $13,064.08 43 $54.43 $700.42 $12,363.66 44 $51.52 $703.33 $11,660.33 45 $48.58 $706.26 $10,954.06 46 $45.64 $709.21 $10,244.86 47 $42.69 $712.16 $9,532.69 48 $39.72 $715.13 $8,817.56 End of y...

Calculator Use Use this calculator to find how much your monthly car payments will be. Also calculates total payments and total interest paid on your auto loan. Create and print out your loan amortization schedule. Car Loan Amount The amount you will borrow Car Loan Term How long is this loan going to be for? Interest Rate This is annual interest rate of the loan stated by the bank or lending institution To include car price, down payment and trade-in value use this

• Many car buyers take out a loan to finance their purchase, either from the dealer or through a bank. • The loan payments will be based primarily on the price of the car, whether it is new or used, the down payment, the length of the loan, and your credit score. • Use the auto loan interest calculator before you head to the car lot so you'll be ready to find a car that fits your budget and negotiate the best deal. Auto Loan Payment Calculator Results Explained To use the car loan interest calculator, enter a few details about the loan, including: • Vehicle cost: The amount you want to borrow to buy the car. If you plan to make a down payment or trade-in, subtract that amount from the car's price to determine the loan amount. • Term: The amount of time you have to repay the loan. In general, the longer the term, the lower your monthly payment, but the higher the total interest paid will be. On the other hand, the shorter the term, the higher your monthly payment, and the lower the total interest paid will be. • New/Used: Whether the car you want to buy is new or used. If you don't know the interest rate, this can help determine the rate you'll get (interest rates tend to be higher for used cars). • Interest rate: The cost to borrow the money, expressed as a percentage of the loan. • Total monthly payment: The amount you'll pay each month for the duration of the loan. Some of each monthly payment goes toward paying down the principal, and part applies to interest. • Total p...

Results shown are for . The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisers. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Bank of America, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product. The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation. The final APR may differ from the APR in the above results due to additional fees that may be applicable. We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific i...

Samantha Allen leads the insurance team at NerdWallet. Previously, she was the digital managing editor for the publications Financial Planning and On Wall Street. She attended Northwestern University's certified financial planner program and has been covering personal finance and wealth management for more than 10 years. She is based in Chicago. Maybe you’d like to lower your monthly car payment. Perhaps your credit score has improved. Or maybe you think the dealer marked up your interest rate when you bought your car. Depending on the terms of your original loan or changes in your finances, auto refinancing might save you money on interest or reduce your monthly car payment. Current interest rate: This is the interest rate you qualified for at the beginning of your loan. If you financed through a car dealer, you might be paying a higher rate than you deserve. This often happens to people who don’t get preapproved for a loan or those with below average credit, mainly because they are unaware that better rates are available. Balance of current loan: Hopefully, you’ve been making payments on time each month. If you’ve had the loan for a year or more, your current balance is well below what you borrowed. If you don’t know how much you still owe, look at your latest statement or call your lender and ask for the "payoff amount." New loan term: One advantage of refinancing is that you can change the amount of time to pay off the car loan. If you want to pay off your loan more qu...

Your Loan Information Purchase price: $ Down payment: $ Rebate amount: $ Apply rebate to purchase? Trade-in value: $ Owed on trade-in (added to loan): $ Interest rate: % Loan term: years Sales tax: % Finance Sales Tax? Start date: » Draw charts Monthly vs bi-weekly Annual amortization table Monthly amortization table Loan Payment Summary $513.76 Monthly Payment $36,990.69 Total of 72 Payments $31,000.00 Loan Amount $425.00 Sales Tax $5,990.69 Total Interest Paid May, 2029 Pay-off Date $40,415.69 Total Transaction Cost Yearly Amortization Schedule Year Interest Principal Balance 2023 $1,047.01 $2,549.30 $28,450.70 2024 $1,582.38 $4,582.74 $23,867.96 2025 $1,299.73 $4,865.39 $19,002.57 2026 $999.64 $5,165.48 $13,837.10 2027 $681.04 $5,484.07 $8,353.03 2028 $342.80 $5,822.32 $2,530.71 2029 $38.09 $2,530.71 $0.00