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Calculate your monthly car payment with trade-in, taxes, fees, and credit score based rates. Compare loan terms and see full amortization schedule.
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Enter Vehicle Price: Input the total price of the car (MSRP, sticker price, or negotiated price).
Set Down Payment: Enter your down payment as a dollar amount or percentage of the vehicle price. 20% is recommended.
Select Credit Score: Choose your credit tier to auto-fill current average APR, or enter a custom rate.
Choose Loan Term: Pick from 24, 36, 48, 60, 72, or 84 months. The calculator compares all terms.
Add Trade-in & Taxes: Expand advanced options to enter trade-in value, state sales tax, and title/registration fees.
Review Results: See monthly payment, total interest, amortization schedule, and term comparison chart.
Estimate Monthly Payment Before Visiting a Dealership: Know your budget and avoid overspending.
Compare Loan Terms: See exactly how much extra you pay in interest with a 72-month vs 48-month loan.
Factor in Trade-in Value: Calculate net trade-in equity and its impact on your new loan.
Budget for Total Cost of Buying: Include sales tax, title, registration, and dealer fees in your estimate.
Check Affordability: Use the reverse calculator to find the maximum car price for your monthly budget.
Shop Interest Rates: Compare dealer financing against bank and credit union offers.
Your monthly car payment is calculated using the standard loan amortization formula used by banks, credit unions, and auto lenders:
M = P × [r(1+r)^n] / [(1+r)^n - 1]Where: M = Monthly Payment, P = Loan Amount (price - down payment - trade-in + fees), r = Monthly Interest Rate (APR ÷ 12 ÷ 100), n = Total Number of Payments (months)
For example, a $30,000 car with $3,000 down at 6.58% APR for 60 months: the loan amount is $27,000, the monthly rate is 0.548%, and the monthly payment comes to approximately $529. You'll pay $4,751 in total interest, making the total loan cost $31,751.
Your credit score is the single biggest factor in the interest rate you receive. According to Experian data, the difference between excellent and poor credit can mean $5,000-$10,000+ more in total interest on the same car loan.
| Credit Tier | Score Range | New Car APR | Used Car APR | Monthly on $30K/60mo |
|---|---|---|---|---|
| Super Prime | 750+ | 5.07% | 6.99% | $566 |
| Prime | 700-749 | 6.58% | 9.17% | $588 |
| Near Prime | 650-699 | 9.34% | 12.28% | $628 |
| Subprime | 550-649 | 12.29% | 17.48% | $673 |
| Deep Subprime | Below 550 | 15.24% | 21.32% | $718 |
Based on Experian Q1 2026 data. Rates vary by lender, vehicle age, and loan term.
Financial experts recommend the 20/4/10 rule for car buying: put at least 20% down, finance for no more than 4 years (48 months), and keep total car costs (payment + insurance) under 10% of your gross monthly income.
Avoids negative equity and lowers monthly payments
Minimizes total interest paid over the life of the loan
Keep total car expenses under this threshold
| Factor | New Car | Used Car |
|---|---|---|
| Average Price (2026) | $49,000 | $25,500 |
| Average Interest Rate | 6.98% | 10.9% |
| Depreciation (Year 1) | 20-25% | 10-15% |
| Average Monthly Payment | $734 | $525 |
| Warranty | Full manufacturer warranty | Limited or none (CPO has some) |
| Best For | Long-term ownership, latest features | Budget-conscious, value seekers |
Amortization is how your monthly payment gets split between principal (the actual loan balance) and interest. In the early months, most of your payment goes toward interest. Over time, more goes toward principal.
For a $30,000 loan at 6.58% APR for 60 months: your first payment of $588 includes $164 in interest and $424 in principal. By month 48, the split flips to $38 interest and $550 principal. This is why making extra payments early in the loan saves the most money.
Adding just $100/month extra to a $30,000 auto loan at 6.58% APR shortens the 60-month term to about 49 months and saves over $900 in interest. Always specify that extra payments go toward principal, not future payments.
| Credit Score | Tier | New Car APR | Used Car APR |
|---|---|---|---|
| Excellent (750+) | Super Prime | 5.07% | 6.99% |
| Good (700-749) | Prime | 6.58% | 9.17% |
| Fair (650-699) | Near Prime | 9.34% | 12.28% |
| Poor (550-649) | Subprime | 12.29% | 17.48% |
| Bad (Below 550) | Deep Subprime | 15.24% | 21.32% |
Source: Average rates based on Experian and Bankrate data, Q1 2026. Actual rates vary by lender, vehicle, and loan term.