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Car Loan Calculator

Work out your monthly car payment with a down payment, trade-in, sales tax and fees, or find the car price that fits your budget. Compare terms and see the full cost.

Calculated on your device
$
The agreed price before tax and fees.
Enter a number, for example 1250 or 19.99.
$
Enter a number, for example 1250 or 19.99.
$
Enter a number, for example 1250 or 19.99.
% a year
The yearly rate (APR) the lender offers.
Enter a number, for example 1250 or 19.99.
Trade-in, sales tax and fees (optional)
$
Enter a number, for example 1250 or 19.99.
$
Any amount left on your current car loan is added to the new loan.
Enter a number, for example 1250 or 19.99.
%
Leave empty if tax is already included in the price (as with GST in India, Australia and the UK's VAT).
Enter a number, for example 1250 or 19.99.
$
Registration, documentation or dealer fees you finance.
Enter a number, for example 1250 or 19.99.
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How to use the car loan calculator

  • Monthly payment: enter the car price, your down payment, the interest rate and the loan term. Open Trade-in, sales tax and fees to include a trade-in, money still owed on your current car, sales tax and fees you add to the loan.
  • How much car can I afford: enter the monthly payment that fits your budget. The calculator works back to the highest car price, before tax.

Car loan formula

Amount financed = Price + Sales tax + Fees − Down payment − Trade-in + Amount still owed
Monthly payment = P × i ÷ (1 − (1 + i)−n)

P is the amount financed, i is the yearly rate ÷ 12 and n is the number of months. In many US states, sales tax is charged on the price after the trade-in is taken off. Some states, and some other countries, tax the full price, so you can choose.

Worked example

A 30,000 car with 3,000 down and a 5,000 trade-in, 7% sales tax on the price minus the trade-in (1,750) and 500 in fees:

Financed = 30,000 + 1,750 + 500 − 3,000 − 5,000 = 24,250. At 6.5% for 60 months, the payment is 474.48 a month, with 4,218.75 in interest.

Tips for a cheaper car loan

  • Compare the total cost, not just the payment. Stretching to 72 or 84 months lowers the payment but adds interest, and you may owe more than the car is worth for longer.
  • Get a pre-approved rate from a bank or credit union before visiting a dealer, so you can compare offers.
  • Watch for negative equity. If you owe more on your old car than it's worth, rolling that into the new loan makes it more expensive.

For other loans, use the loan calculator.

Frequently asked questions

What's a good interest rate for a car loan?

It depends on your credit, the country, the lender and whether the car is new or used. Check current offers from your bank, a credit union and the dealer, and use the table under your result to compare.

Should I include insurance in the payment?

Insurance is usually paid separately, so it isn't part of the loan. Add it to your monthly budget when deciding what you can afford.

Does this work for leasing?

No. A lease payment is calculated differently, based on the expected value of the car at the end of the lease.

Sources

Formulas checked 29 October 2026. How we test our calculators. This calculator is for planning and education, not financial, tax or legal advice.