Auto Price
$ ...
Loan Term
months ...
Interest Rate
% ...
Down Payment
$ ...
Trade-in Value
$ ...
Your State
Sales Tax
% ...
Other Fees
$ ...
Start Date
Include all Fees in Loan
Your monthly payment $0.00
Total Principal
$0.00

Total Interest
$0.00
Auto Price $0.00
Down Payment $0.00
Trade-in-value $0.00
Estimated Sales Tax(0%) $0.00
Other Fees Not Included
Upfront Payment $0.00

Total Loan Amount $0.00
Total Interest Paid $0.00
Total Loan & Interest Paid $0.00
(over life of loan)
Total costs (price, interests, tax, fees) $0.00

Amortization Chart
Balance
Interest
Payment

Amortization Schedule
Monthly Schedule
Annual Schedule
Estimated Payoff Date:
Date Beginning Balance Interest Principal Ending Balance

How to Use the Auto Loan Calculator

Before breaking down the steps to utilizing this user-friendly car loan calculator tool, you'll first want to pick if you want to view your results in a monthly payment overview or a yearly payment overview. You can switch this by clicking on the dark blue rectangular button underneath the Autoloan Calculator website title.

  1. Choose if your payments will be monthly or yearly.
  2. Either type in the auto price of the desired car, or you can use the handy toggle tool and slide from the right or left until you reach the price of the vehicle.
  3. Type in how long your loan term is. For example, as of right now the average car loan for new and used cars is 72 months.
  4. Punch in the percentage of your auto loan's interest rate.
  5. In the case that you've already made a down payment, there is a section for you to put that amount in so it can be deducted.
  6. If you have information on your vehicle's trade-in value, you may also type that in.
  7. There are two fill in sections for Sales Tax and Other Fees that you may also type in if you have the information.
  8. Type in the start date of your loan.
  9. Hit the calculate button and view your results!

Below the calculate button you will find in a few quick seconds a detailed and easy to read overview of your auto loan. You'll be able to utilize great features, such as the monthly or annual schedule for your payments and how much they should be to keep you on track. You can also see your estimated payoff date if you stick to the suggested schedule.

What is a Good APR for an Auto Loan?

An APR is short for Annual Percentage Rate. When you apply for a loan, several things are checked, including your credit score. Your credit score comes into play for your determined APR.

Along with paying for the loan you applied for, you must also pay interest on the money you are borrowing and that is the APR. Essentially, the APR is the percentage of the loan that you will be paying the bank back in interest.

If you have a good credit score, you'll most likely get a low APR because the bank views your score and believes you will pay them back. Unfortunately, if you have a poor credit score, your APR will be a bit higher. 

According to the highly acclaimed tool Credit Karma here is a look into credit scores:

850-750: Excellent

749-700: Good

699-640: Fair

639-300: Needs Work

Here are example APR numbers in accordance with credit scores for new car loans: 

850-750 Credit Score: 4.93%

749-700 Credit Score: 5.06%

699-640 Credit Score: 11.30%

639-300 Credit Score: 17.93%

These percentages vary depending on if you're purchasing a new or used car. 

What is a Good Auto Loan Term?

Provided by the Greater Texas Credit Union here is a quick breakdown of typical loan lengths: 

  • 7 Years = 84 Months
  • 6 Years = 72 Months
  • 5 Years = 60 Months
  • 4 Years = 48 Months
  • 3 Years = 36 Months

There are pros and cons to having a long loan term vs a short loan term.

On the one hand it is nice from a stress standpoint to have a longer loan, so you have more time and smaller payments, but this inevitably leaves room for more APR charges that you'll have to pay annually.

And with a shorter loan term the monthly payments are larger, but in the long run you won't be paying more in annual interest. 

It all comes down to what you are financially comfortable with.

You don't want to drive yourself mad by picking a loan term that does not fit your budget, and you also don't want to pick a loan term lower than what you're able to because you'll be paying more in interest rates.

Carefully go over each option, utilize the Autoloan Calculator to see a physical schedule of what your monthly payments would look like and your estimated payoff date if you follow said schedule. 

How Much Should I Spend on a Car?

Determining how much you should spend on a car and its expenses can be overwhelming, let's breakdown the basic overview of how much you should spend on a car.

Explained by Investopedia, there are a few key factors you want to considering when answering this question.

  • How much money do you make annually and monthly
  • Do you have any existing debt
  • Can you fit a car loan and car expenses into your current budget

After you have thoroughly dived into each of those important questions, you can begin to decide which loan options would be best for you.

An excellent takeaway that Investopedia demonstrates is using your take-home income (after taxes) into the equation. They recommend you use 10%-15% of your income on everything that falls under the car umbrella (ex: loan payment, car insurance, gas, potential fixes, etc.). The following formula is provided by Investopedia: If your monthly take-home pay is $4,000 then your estimated all-things car budget is $600-$400.

You'll want to remember to factor in the APR that will be given with your loan, and the taxes and fees that come along with purchasing a car.

  • Registration fee
  • Title fee
  • Tag fee
  • Sales tax
  • Dealer or Documentation fee

Trying to visualize all of those numbers can be a headache and easily make you overwhelmed. You can easily take these numbers and punch them into the according sections in the Autoloan Calculator and physically see what your monthly and annual payments would look like for the auto loan you're deciding on.

Easily compare the loans you're deciding between based on the calculation results and discover the auto loan that fits in perfectly with your lifestyle and budget. With user-friendly features and easy to read and understand results, you'll find the right option in no time.