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Auto Loan Payment Calculator
Use our handy loan payment calculator to estimate your vehicle’s monthly payments and see what purchase price fits into your monthly budget.
Estimate Monthly Payments
The total cost of the vehicle.
A down payment is an initial, upfront payment you make toward the total cost of the vehicle. Your down payment could be cash, the value of a trade-in, or both. The more you put down, the less you need to borrow. A larger down payment may also reduce your monthly payment and your total cost of financing.
The trade in value is the amount that a dealer is willing to offer you towards the purchase of a new vehicle in exchange for your current one. It’s typically based on the market value of your vehicle (the amount it would sell for on the open market).
Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. Your payoff amount is different from your current balance.
Additional down payment in cash.
This is the length of your auto loan, generally expressed in months. A shorter loan term (in which you make monthly payments for fewer months) will reduce your total loan cost. A longer loan can reduce your monthly payment, but you pay more interest over the life of the loan. A longer loan also puts you at risk for negative equity, which is when you owe more on the vehicle than the vehicle is worth.
This is the annual percentage rate, and is not always the same as the interest rate. This represents the annual rate that is charged, and as such, is the actual annual cost to the consumer over the course of the auto loan. The APR will allow you to more easily shop and compare car loans, since it equates all loans to the same annual rate.
What Can I Afford?
The amount you can afford to pay monthly for the vehicle.
A down payment is an initial, upfront payment you make toward the total cost of the vehicle. Your down payment could be cash, the value of a trade-in, or both. The more you put down, the less you need to borrow. A larger down payment may also reduce your monthly payment and your total cost of financing.
The trade in value is the amount that a dealer is willing to offer you towards the purchase of a new vehicle in exchange for your current one. It’s typically based on the market value of your vehicle (the amount it would sell for on the open market).
Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. Your payoff amount is different from your current balance.
Additional down payment in cash.
This is the length of your auto loan, generally expressed in months. A shorter loan term (in which you make monthly payments for fewer months) will reduce your total loan cost. A longer loan can reduce your monthly payment, but you pay more interest over the life of the loan. A longer loan also puts you at risk for negative equity, which is when you owe more on the vehicle than the vehicle is worth.
This is the annual percentage rate, and is not always the same as the interest rate. This represents the annual rate that is charged, and as such, is the actual annual cost to the consumer over the course of the auto loan. The APR will allow you to more easily shop and compare car loans, since it equates all loans to the same annual rate.
Knowing how much your auto loan payment helps you make a smarter vehicle purchase. That’s why we included our easy-to-use loan payment calculator, which can be your ultimate tool for quickly calculating your monthly car payments. Check out the latest new vehicle specials and used car deals once you learn how much you afford.
What is an auto loan Payment Calculator?
A loan payment calculator will show you your monthly car payments using the car’s sale price, loan term, interest rate, and amount of down payment. You see an estimate of how much you’ll have to pay monthly for your vehicle’s loan.
How to Use the auto Loan Payment Calculator
The loan payment calculator is easy to use.
- Enter the car’s total price, including any taxes and fees.
- Enter the down payment you’ll make towards the car.
- Select the loan term or the months you’ll take to repay your loan.
- There are six credit categories to choose from.
- Enter the interest rate of your loan. Use different rates to see how it changes the payments.
Your monthly loan payment amount will dynamically update at the top of the loan calculator.
Benefits of Using an AUTO Loan Payment Calculator:
Using a car loan payment calculator has several benefits, including:
- Helps you plan your budget: A car loan payment calculator gives you an idea of how much you’ll have to pay each month for your car loan. By knowing your monthly payments, you can plan your budget accordingly.
- Give you an estimate: A car loan payment calculator estimates your monthly payments, allowing you to adjust your loan term or down payment to suit your budget.
- Saves time and effort: Calculating your car loan payments can be time-consuming. Using a car loan payment calculator saves you time and effort.
FAQs:
Can a car loan payment calculator use my credit score?
No, not necessarily. The auto loan payment calculator can estimate your monthly payments based on the credit score range that you choose. There are several ranges for you to select from.
Is this car loan payment calculator showing how much my actual loan will be for?
No. This is to show you loan payment examples using different loan terms, rates, and other factors. You’ll see your actual loan details once you have been approved after you apply for your loan.
Can I use a car loan payment calculator for any car loan?
Of course, you can. A car loan payment calculator can be used for any type of car loan, including new and used car loans.
Current US Auto Loan Data & Statistics
NOTE: Your car loan amount, loan interest rate, term, and monthly payment will vary based on your credit report, vehicle selected, loan detailsÂ
Data based on 3rd & 4th quarter 202 from Experian
- The average monthly payment for a new car is $700 (up 13.3% YoY)
- The US average monthly payment for a new car lease is $567 (up 12.1% YoY)
- The US average monthly payment for a used car is $525 (up 11.2% YoY)
- Predicted 5-year new car loan interest rate: 6.9%
- Predicted 4-year used car loan interest rate: 7.75%
- Most new vehicles in the US in 2022 were acquired with financing (84%)
- Used cars acquired with financing in 2022 were lower than in 2020
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