Car Loan Calculator

Enter the price, your deposit or trade-in, the rate and the term in months. Car loans are quoted in months, so that is how this one asks.

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Monthly payment
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Total interest
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Total repaid
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Payment schedule

What to watch on a car loan

  • The term is in months, as dealers quote it. 36, 48, 60 and 72 are the usual offers, and the difference between them in total interest is larger than the monthly figures suggest.
  • Deposit and trade-in reduce the same thing. Both come off the amount borrowed, so put their sum in the deposit field.
  • A longer term is not a cheaper car. Stretching 48 months to 72 lowers the payment and raises the total interest; the totals here let you see both at once.
  • The rate is the one that matters, not the payment. Dealers compete on the monthly figure, which can be lowered by lengthening the term rather than by improving the rate.
  • No balloon or residual value. This is a straight amortizing loan. A lease or a personal contract purchase with a final balloon payment works differently and is not what this calculates.

Comparing two offers

Run both, then compare total repaid rather than monthly payment. Two offers with the same payment can differ by a substantial amount over the life of the loan if their terms differ.