Jimmy Britt CJDR

Car Loan Payment Calculator

Use our handy car loan payment calculator to estimate your monthly payments and see what purchase price fits into your monthly budget.

Estimate Monthly Payments

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Only an estimate. Excludes taxes, title, license, and insurance.
Price

The total cost of the vehicle.

Down Payment

A down payment is an initial, upfront payment you make toward the total cost of the vehicle. Your down payment could be cash, the value of a trade-in, or both. The more you put down, the less you need to borrow. A larger down payment may also reduce your monthly payment and your total cost of financing.

Trade-in Value

The trade in value is the amount that a dealer is willing to offer you towards the purchase of a new vehicle in exchange for your current one. It’s typically based on the market value of your vehicle (the amount it would sell for on the open market).

Payoff Amount

Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. Your payoff amount is different from your current balance.

Additional Down Payment

Additional down payment in cash.

Loan Term

This is the length of your auto loan, generally expressed in months. A shorter loan term (in which you make monthly payments for fewer months) will reduce your total loan cost. A longer loan can reduce your monthly payment, but you pay more interest over the life of the loan. A longer loan also puts you at risk for negative equity, which is when you owe more on the vehicle than the vehicle is worth.

Finance Rate (APR)

This is the annual percentage rate, and is not always the same as the interest rate. This represents the annual rate that is charged, and as such, is the actual annual cost to the consumer over the course of the auto loan. The APR will allow you to more easily shop and compare car loans, since it equates all loans to the same annual rate.

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What Can I Afford?

...
Only an estimate. Excludes taxes, title, license, and insurance.
Monthly payment

The amount you can afford to pay monthly for the vehicle.

Down Payment

A down payment is an initial, upfront payment you make toward the total cost of the vehicle. Your down payment could be cash, the value of a trade-in, or both. The more you put down, the less you need to borrow. A larger down payment may also reduce your monthly payment and your total cost of financing.

Trade-in Value

The trade in value is the amount that a dealer is willing to offer you towards the purchase of a new vehicle in exchange for your current one. It’s typically based on the market value of your vehicle (the amount it would sell for on the open market).

Payoff Amount

Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. Your payoff amount is different from your current balance.

Additional Down Payment

Additional down payment in cash.

Loan Term

This is the length of your auto loan, generally expressed in months. A shorter loan term (in which you make monthly payments for fewer months) will reduce your total loan cost. A longer loan can reduce your monthly payment, but you pay more interest over the life of the loan. A longer loan also puts you at risk for negative equity, which is when you owe more on the vehicle than the vehicle is worth.

Finance Rate (APR)

This is the annual percentage rate, and is not always the same as the interest rate. This represents the annual rate that is charged, and as such, is the actual annual cost to the consumer over the course of the auto loan. The APR will allow you to more easily shop and compare car loans, since it equates all loans to the same annual rate.

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* These calculations are for reference purposes only. All figures are estimates only and are not guaranteed as accurate. Always consult a professional financial advisor.

Knowing your car loan payment is essential to make a wise vehicle purchase. A car loan payment calculator can be your ultimate tool to calculate your monthly car payments easily.  Check out the latest new vehicle specials and used car deals once you learn how much you afford.

What is a Car Loan Payment Calculator?

A car loan payment calculator is an online tool that helps you calculate your monthly car payments based on the car’s price, loan term, interest rate, and down payment. By entering the required information into the calculator, you can get an estimate of how much you’ll have to pay each month for your car loan.

How to Use Our Car Loan Payment Calculator

Using a car loan payment calculator is easy and fast.

  1. Enter the car’s price: Entering the car’s total purchase price.
  2. Add the down payment: Enter the down payment you’ll make towards the car.
  3. Choose the loan term: Select the loan term or the number of months you’ll take to repay your loan.
  4. Choose your estimated credit score range: There are six categories to choose from.
  5. Enter a custom interest rate: Enter the interest rate of your loan.

Once you’ve entered all the required information, your monthly car payment estimate will dynamically update at the top of the loan calculator.

Benefits of Using a Loan Payment Calculator:

Using a car loan payment calculator has several benefits, including:

  • Helps you plan your budget: A car loan payment calculator gives you an idea of how much you’ll have to pay each month for your car loan. By knowing your monthly payments, you can plan your budget.
  • Give you an estimate: A loan payment calculator provides an estimate of your monthly payments, allowing you to adjust your loan term or down payment to fit your budget.
  • Saves time and effort: Manually calculating your car loan payments can be time-consuming. Using a car loan payment calculator saves you time and effort.

FAQs:

Can a car loan payment calculator tell me how much I’ll pay in interest?

A car loan payment calculator can estimate your monthly payments, including the interest rate you’ll pay over the loan term, but not the total of the interest payments

Is this payment calculator showing the details for my loan?

No. This lets you see different loan rates and monthly payment examples. Your F&I professional will help you understand your loan and monthly payment. 

Can I use a car loan payment calculator for a used car loan too?

Yes, a car loan payment calculator can be used for any type of car loan, including new and used car loans.