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What is the Auto Loan Calculator?

An auto loan calculator estimates your monthly car payments based on the vehicle price, down payment, interest rate, and loan term. It helps you determine if a specific car fits within your budget.

How to Use This Calculator

1

Enter the purchase price of the car.

2

Input your planned down payment amount.

3

Enter the interest rate (APR) offered by the lender.

4

Select the loan term in months (e.g., 60 months).

5

Click 'Calculate' to see your estimated monthly payment.

Example Calculation

Buying a $25,000 car with $5,000 down

For a $25,000 car with a $5,000 down payment (loan amount $20,000) at 4.5% interest for 60 months, your estimated monthly payment is $372.86.

Frequently Asked Questions

Pro Tips

  • Get pre-approved for a loan before visiting the dealership.
  • Aim for a down payment of at least 20% to avoid being 'upside down' on the loan.
  • Factor in insurance, maintenance, and fuel costs.