Car Loan Calculator
Calculate your monthly payment and total cost for any auto loan.
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Cost Breakdown
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Frequently Asked Questions
What is a good interest rate for a car loan?▼
As of 2025, average new car loan rates are 6–8% for borrowers with good credit (700+). Used car loans average 9–12%. Borrowers with excellent credit (750+) can often get rates below 6%. Credit unions typically offer lower rates than dealerships.
Should I put a larger down payment on a car?▼
Yes, when possible. A larger down payment reduces your loan amount, monthly payment, and total interest paid. It also reduces the risk of being 'underwater' on the loan (owing more than the car is worth as it depreciates).
Is a 72 or 84 month car loan a good idea?▼
Longer terms lower your monthly payment but significantly increase total interest paid. They also risk you becoming underwater on the loan as the car depreciates faster than you're paying it off. 48–60 months is generally the sweet spot.
What is the 20/4/10 rule for car buying?▼
Put 20% down, finance for no longer than 4 years, and keep total vehicle expenses (payment + insurance) under 10% of gross monthly income. This is a conservative rule of thumb to avoid being car-poor.