Get Your Auto Loan Estimate

Monthly Payment

This is what you'll owe each month — principal + interest. Make sure it fits comfortably within your budget alongside insurance, fuel, and maintenance.

• A lower monthly payment usually means a longer loan term or lower interest rate.
• Consider using this number to compare against lease offers, if applicable.

Total Loan Cost

This shows what you'll pay in total over the life of the loan — including interest.

• It helps you compare the true cost of different term lengths and APRs.
• Use it to evaluate whether it's better to make a bigger down payment or opt for a shorter term.

Total Interest Paid

This is the amount you'll pay on top of the vehicle's price — just to borrow the money.

• Try to reduce this number by increasing your down payment or choosing a shorter loan term.
• Even a 1% difference in interest rate can save hundreds or thousands over the life of your loan.

Payoff Schedule

Use the amortization table to see exactly how each payment is split between principal and interest — and how your balance shrinks over time.

• This helps you plan if you want to pay off early or refinance later.
• Look for the month when you've paid off half the loan — it's a good milestone for resale or refinance consideration.

Adjust Your Down Payment

Try entering higher and lower down payment amounts to see how they affect your monthly payment and total loan cost.

• A larger down payment lowers both monthly payments and interest paid.
• A smaller down payment keeps more cash in your pocket but increases your loan amount — and total cost.

Test Different Loan Terms

Loan terms are flexible. Use the calculator to compare short vs. long-term loans.

• Shorter terms mean higher monthly payments but lower total interest.
• Longer terms ease your monthly budget but can cost you thousands more in the long run.
• Consider 36, 48, 60, and 72 months side by side for your auto loan comparison.

Play with Interest Rates

Even if you haven't received a loan offer yet, use estimated APRs to see the impact of good vs. bad credit.

• Try running the calculator at 4%, 6%, 8%, and 10% APR to compare loan scenarios.
• A lower APR can make just as much difference as a lower car price.
• This helps you decide whether it's worth improving your credit before applying.

Compare Vehicle Prices

If you're shopping for multiple vehicles, use this tool to test the monthly payment for each one.

• Use MSRP or negotiated prices from dealers or private sellers.
• Include tax estimates to avoid surprises when you finalize your deal.

Tip: Screenshot or Print

After comparing options, print your best scenarios or take screenshots. You can bring them to the dealership to negotiate from an informed position and refine your monthly payment strategy.

Get Pre-Approved

• Pre-approval gives you a clear idea of what lenders are willing to offer — before you set foot in a dealership.
• It strengthens your negotiation position and helps you avoid overpriced financing.
• Many lenders offer soft credit checks that won't affect your score.
• Try comparing quotes from multiple lenders or using a service like Caribou or AUTOPAY.

Check Your Credit Score

• Your credit score directly impacts your interest rate. Knowing your score can help you predict (and improve) your APR.
• Scores above 700 generally qualify for better auto loan rates.
• Lower scores may benefit from adding a co-signer or securing a larger down payment.
• Some lenders specialize in refinancing after 6–12 months of on-time payments.

Explore Loan Options

• Banks, credit unions, online lenders, and even dealers all offer financing — but rates and terms vary.
• Dealer financing is convenient, but may not be the cheapest.
• Credit unions often have lower rates for members.
• Online lenders can offer speed and flexibility, especially for refinancing.

Review Fees and "Out-the-Door" Costs

• Always ask for the full "out-the-door" price of the vehicle — which includes taxes, registration, and dealer fees.
• Use this number in the calculator to avoid underestimating your loan.
• Look out for hidden add-ons like extended warranties or gap insurance.

Revisit Your Budget

• Use your estimated monthly payment to assess affordability in the context of your full budget.
• Include car insurance, gas, maintenance, and unexpected repairs.
• Aim to keep your total car expenses below 15% of your take-home income.