Auto Loan Calculator
Calculate your monthly car payment. Enter the vehicle price, down payment, interest rate, and loan term to see total cost.
Free Auto Loan Calculator
The SmarterSources Auto Loan Calculator helps you estimate your monthly car payment before you visit the dealership. Factor in your down payment, trade-in value, interest rate, and loan term to see the full picture.
How Car Payments Are Calculated
Auto loans use the same amortization formula as other fixed-rate loans: M = P[r(1+r)^n]/[(1+r)^n-1]. The loan amount (P) is the vehicle price minus your down payment and trade-in value. Shorter terms mean higher payments but less interest overall.
Choosing the Right Loan Term
36-48 months: Higher monthly payments but significantly less total interest. Best for used cars. 60 months: The most popular term, balancing payment size and total cost. 72-84 months: Lower payments but more interest and risk of being "upside down" on the loan.
Frequently Asked Questions
How much car can I afford?
A common guideline is to keep your total monthly car costs (payment + insurance + fuel) under 15-20% of your monthly take-home pay.
Is a longer loan term always worse?
Longer terms have lower monthly payments but cost more in total interest. They also increase the risk of owing more than the car is worth. A shorter term is better financially if you can afford the payments.
Is my data safe?
Yes. This calculator runs entirely in your browser. No data is sent to any server and nothing is stored.