Auto Loan Calculator — Car Payment or Car Price You Can Afford
Estimate your monthly car payment with our free auto loan calculator. Enter the vehicle price, down payment, trade-in value, interest rate, and loan term to instantly see your payment, total interest, and total cost breakdown.
Unique features include credit score tier-based rate auto-fill (using Q3 2025 Experian data), new vs. used car toggle, sales tax calculation, and the 20/4/10 rule check. Click any credit tier in the reference table to instantly apply its rate. All calculations run locally in your browser — no data stored, no signup needed.
How to use Auto Loan Calculator
- Pick what to calculate — "Monthly payment" works out the payment for a given price; "Car price I can afford" works backwards from the payment that fits your budget.
- Select vehicle type — Toggle between New Car and Used Car. This affects the placeholder price and which APR rate is used when selecting a credit score tier.
- Enter vehicle price — Type the total vehicle price including any dealer fees.
- Add down payment and trade-in — Enter your down payment amount and the value of any vehicle you're trading in. Both reduce your loan amount.
- Choose credit score tier — Select your credit range to auto-fill the current average APR, or keep "Custom Rate" and enter your own rate.
- Review results — See monthly payment, total interest, loan breakdown, and check if your purchase follows the 20/4/10 rule.
- Check the amortization table — See principal, interest and remaining balance for each year, or open the full month-by-month schedule.
Features
- Reverse Car Loan Calculator — Enter a monthly budget and get the highest car price it covers after tax, down payment and trade-in
- Amortization Table — Yearly and month-by-month breakdown of principal, interest and balance
- Credit Score Tiers — Auto-fill rates from Super Prime (781+) to Deep Subprime (300-500) based on Experian 2025 data
- New/Used Toggle — Switch between new and used car rates and pricing defaults
- Sales Tax Calculator — Automatically adds state sales tax to the loan amount
- Trade-In Support — Subtract trade-in value from the total financed amount
- 20/4/10 Rule Check — Instantly see if your purchase meets the recommended financial guidelines
Frequently Asked Questions
How much car can I afford with a $500 monthly payment?
At 6.56% APR over 60 months, $500 a month pays off a loan of about $25,518. Add a $5,000 down payment and allow for 7% sales tax and that covers a car priced up to about $28,521, with $4,482 of total interest. Switch the calculator to "Car price I can afford" to run it with your own rate, term, tax and trade-in.
What does a car loan amortization table show?
It splits every payment into interest and principal and shows the balance left afterwards. Early payments are mostly interest because the balance is at its highest; each month more of the same payment goes to principal. The table is useful for seeing how fast you build equity and what an early payoff would save.
What is a good interest rate for a car loan in 2025?
Good rates depend on your credit score. Super Prime (781+): 4.88% new, 7.80% used. Prime (661-780): 6.40% new, 9.70% used. The overall average is 6.56% for new and 11.40% for used cars. Rates below the average for your credit tier are considered good. Credit unions often offer rates 1-2% below bank rates.
What is the 20/4/10 rule for buying a car?
The 20/4/10 rule is a financial guideline: put at least 20% down, finance for no more than 4 years (48 months), and keep total transportation costs (payment + insurance + fuel) under 10% of gross monthly income. Following this rule helps prevent being "underwater" on your loan and keeps vehicle costs manageable.
Is it better to get a 60 or 72 month car loan?
A 60-month (5-year) loan is generally better. While 72 months (6 years) gives you a lower monthly payment, you pay significantly more in total interest, and you risk being underwater (owing more than the car is worth) for longer. For example, on a $30,000 loan at 6.56%: 60 months = $588/mo, $5,280 interest. 72 months = $506/mo, $6,432 interest — $1,152 more in interest.
How much should I put down on a car?
The 20/4/10 rule recommends at least 20% down. For a $48,699 average new car, that's about $9,740. A larger down payment reduces your loan amount, monthly payment, total interest, and risk of negative equity. If you can't afford 20%, aim for at least 10% to avoid significant depreciation gap in the first year.