Most auto loan calculators ignore the details that actually matter — sales tax, dealer fees, trade-in equity, and amounts owed on your current car. This calculator handles all of it. Enter the complete deal and see your true financed amount, real monthly payment, and total vehicle cost before you walk into any dealership.
Includes tax, fees, trade-in, and amounts owed — not just sticker price
Compare payments across 24 to 84 month terms instantly
See average APRs by credit score tier for informed negotiation
Total vehicle cost including all interest over full loan life
| Credit Score | Tier | New Car APR | Used Car APR | $20K/60mo Payment |
|---|---|---|---|---|
| 720–850 | Super Prime | ~5% | ~7% | ~$377/mo |
| 660–719 | Prime | ~7% | ~9% | ~$396/mo |
| 620–659 | Near Prime | ~10% | ~14% | ~$425/mo |
| 580–619 | Subprime | ~15% | ~20% | ~$475/mo |
| 300–579 | Deep Subprime | ~21% | ~29% | ~$545/mo |
Rates are illustrative averages. Actual rate depends on lender, state, vehicle age, and your full credit profile.
Each extra $1,000 down on a 60-month loan at 15% APR saves about $24/month and $420 in total interest. Even an additional $500 down makes a meaningful difference in both payment and total cost.
Moving from subprime (15% APR) to near prime (10% APR) on a $20,000/60-month loan saves $52/month and $3,120 in total interest. Six months of credit building before car shopping can be worth more than months of negotiating at the dealership.
Credit unions consistently offer the lowest auto loan rates — often 1%–3% below banks and dealers. Get pre-approved before visiting any dealer. This gives you negotiating power and a rate baseline the dealer must beat to earn your financing business.
72-month and 84-month loans lower monthly payments but dramatically increase interest paid and leave you underwater on the vehicle longer. Stick to 48–60 months whenever the payment is manageable.
Extended warranties, gap insurance, and paint protection rolled into the loan accumulate interest for the full loan term. If you want these products, negotiate them separately and pay cash — or verify they're worth the financed cost with interest.
A $28,000 new car at 6.5% APR / 60 months costs $547/mo and $4,820 in interest. A $18,000 used car at 14% APR / 60 months costs $419/mo but $7,140 in interest. The new car costs $128 more per month but $2,320 less in total interest. Always calculate total cost — not just the payment.
Auto loan payment uses the amortization formula: Payment = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ−1]. The financed amount (P) is not just the sticker price — it includes sales tax and dealer fees, minus your down payment and trade-in equity. Our calculator handles all of this automatically.
660+ (prime tier) gets competitive rates. 720+ (super prime) gets the lowest available rates. Below 580 (subprime) typically means APRs of 15%–29%. Even a 40–60 point credit score improvement before applying can save $2,000–$5,000 in total auto loan interest.
Yes, when possible. Each $1,000 additional down payment reduces the financed amount, lowers your monthly payment, and significantly reduces total interest. A target of 10%–20% down also prevents being 'underwater' (owing more than the car is worth) immediately after purchase.
Pre-approve at your bank or credit union before visiting any dealer. Credit unions are usually cheapest. Bring your pre-approval to the dealer — if they want your financing business, they must beat your rate. Never enter a dealership without a pre-approved rate in hand.
Missing a payment triggers late fees and credit bureau reporting after 30 days. After 60–90 days of non-payment, lenders can repossess the vehicle — faster than with unsecured loans because the car is collateral. Contact your lender immediately if you anticipate a missed payment; most have hardship programs.
Our complete guide covers every auto lender for bad credit — including no-down-payment and 500 credit score options.
Bad Credit Auto Loans →Detailed trade-in equity analysis
Zero down options for bad credit
Financing for poor credit
Lower your existing auto payment
Where to find the lowest rates
Full amortization schedule
⚠ Disclaimer: Rate data represents approximate averages for illustrative purposes. Actual auto loan rates vary by lender, state, vehicle age, mileage, and individual credit profile. Calculator estimates only. See our Disclaimer and Privacy Policy.