Car Loan Calculator
Calculate your monthly auto loan payment, total interest, and compare different financing options side-by-side.
Monthly Payment
$0
Loan Amount
$0
Total Interest
$0
Cost Breakdown
| Vehicle Price | $0 |
| Sales Tax | $0 |
| Down Payment | -$0 |
| Trade-In | -$0 |
| Amount Financed | $0 |
| Total Interest | $0 |
| Total Cost of Car | $0 |
Compare Loan Terms
| Term | Payment | Total Interest |
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AI Insight
⚖️ Compare 3 Car Loan Scenarios
See how different down payments, rates, and terms affect your payment
🚗 Vehicle Information
A
Short Term
$0/mo
Loan Amount
$0
Total Interest
$0
Total Cost
$0
B
Standard
$0/mo
Loan Amount
$0
Total Interest
$0
Total Cost
$0
C
Low Payment
$0/mo
Loan Amount
$0
Total Interest
$0
Total Cost
$0
🏆 Comparison Results
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📚 Complete Guide to Car Loans
🚗 Understanding Car Loans
A car loan lets you spread the cost of a vehicle over time. You'll pay interest on the borrowed amount, so the total cost is more than the sticker price.
Key components:
- Principal: The amount you borrow
- Interest Rate (APR): The cost of borrowing
- Term: How long you have to repay
- Down Payment: What you pay upfront
📊 Real-World Example
Scenario: $30,000 car with $5,000 down at 6% for 60 months
Vehicle Price
$30,000
Down Payment
-$5,000
Loan Amount
$25,000
Monthly Payment
$483
Total Interest
$3,999
💡 A shorter 36-month term would save ~$1,500 in interest!
⚠️ Common Mistakes to Avoid
- Focusing only on monthly payment: A longer term means lower payments but WAY more interest
- Skipping the down payment: Put at least 10-20% down to avoid being "underwater"
- Not shopping rates: A 1% difference saves hundreds over the loan
- Forgetting total cost: Add insurance, gas, maintenance to your budget
- Buying too much car: Keep total car costs under 15-20% of take-home pay
💰 Pro Tips to Save Money
- Get pre-approved: Know your rate before you shop
- Choose 36-48 months: Shorter terms mean less interest
- Boost your credit score: 720+ gets the best rates
- Make a larger down payment: 20% is ideal
- Consider certified pre-owned: Save thousands vs new
- Time your purchase: End of month/year often has better deals