Your choice of payment method will affect your amortization schedule and when your payments are due. Payment Methodįor the payment method, you can select either end-of-period or start-of-period. If you’re already pre-approved or pre-qualified for an auto loan, enter the interest rate you were offered. Your interest rate is typically determined by your credit score, credit history, down payment, loan term, loan amount, and the current rates in the market.Ĭheck the rates from online lenders. There are a few ways you can estimate the interest rate to input in our calculator. Your interest rate can significantly impact how much you pay in interest over the duration of your auto loan. Therefore, selecting a loan term that works best for your financial goals and budget is essential. However, the longer the term, the more you will pay in total interest. Common terms for auto loans are 36 months (three years), 48 months (4 years), 60 months (5 years), and 72 months (6 years).Ī longer loan term can lower your monthly payment. Number of MonthsĮnter your loan term, which is the amount of time you want to have to repay the auto loan. Our calculator will automatically determine the auto loan amount for you. If you’re unsure how much you want to borrow, you can instead enter only the car price and the down payment. Amount of LoanĮnter how much you want to borrow from the lender. If you are not putting any cash down on the car, you can put 0 as your down payment amount. If you use a pricing guide, check the trade-in value rather than the retail cost.Īny down payment amount can help reduce your monthly payments and the amount of interest you’ll pay throughout your repayment period. Do some research online for pricing help and appraisals. If you are trading in a vehicle, include the value of this car in your estimate as well. Down Payment Amountįor your down payment, enter the amount of cash you’re planning on putting toward your new vehicle upfront. You can also estimate a fair price by checking local classified ads online or using online pricing guides. Though you may negotiate the price down, you may want to start with the asking price. If you plan on buying a used car, estimating the price can be a bit more complicated. Next, add the destination fee and the cost of options. Then subtract any potential savings from manufacturer rebates or dealer negotiations. To estimate the cost of a new car, start with its sticker price, also known as the MSRP. To begin, create a list of vehicles you’re interested in purchasing and look up the prices. You’ll need to put the following details into our calculator to estimate your car loan payment. Our auto loan calculator will help you estimate how much you can afford to pay for a car each month. If you want additional guidance or discuss your situation with a financial advisor, turn to us at Fort Pitt Capital Group. With our auto loan calculator, you can estimate your monthly payments and analyze the impact of your rate, down payment, price, loan amount, and loan term.Īfter using our auto loan calculator, you can start shopping for a vehicle that best fits your budget. When shopping for a new car, determining how much you can afford can help you set your price range. If you need the ability to print the amortization schedule, or more flexibility such as selecting different payment or compounding frequencies or the ability to calculate term or interest rate, please see the auto loan calculator here: Ĭancel Save changes Auto Loan Calculator and Common Questions The term (duration) of the loan is expressed as a number of months.

This is handy when a lender requires a borrower to provide a minimum percentage cash deposit. Note that the calculator calculates what percentage the down payment is of the price of the car. Just enter a '0' (zero) for one of the three values and provide the other two.

In addition to solving for the monthly payment amount, it will also calculate the 'Car Price', the 'Down Payment Amount' or the 'Loan Amount'.

Unlike a general loan calculator, this calculator allows for two unknown values. Use this calculator to calculate loan details when the down payment is expressed as an amount.

Car loan interest calculator