Auto Loan Term Calculator
Calculate your auto loan payments, interest costs, and find the best loan term. Understand how loan amount, interest rate, and term length affect your monthly payments.
Step 1: Loan Details
Understanding Down Payments
A larger down payment reduces your loan amount and monthly payments. Typically, a down payment of 10-20% is recommended for auto loans to get better interest rates.
Step 2: Loan Terms
About Loan Terms
Shorter loan terms (24-48 months) typically have higher monthly payments but lower total interest costs. Longer terms (60-84 months) reduce monthly payments but increase total interest paid.
Loan Payment Results
Estimated Monthly Payment
Loan Term Comparison
| Loan Term | Monthly Payment | Total Interest | Total Cost | Interest Savings |
|---|
Loan Amortization Schedule
Amortization Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n – 1]
Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of payments (loan term in months). This formula calculates the fixed monthly payment for an amortizing loan.
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