CAR BUYING TOOLS
Estimate your monthly car payment using vehicle price, down payment, trade value, APR, loan term, taxes, and fees. Adjust the numbers anytime to compare different scenarios.
How to Use the Car Payment Calculator
Enter the vehicle price
Add the selling price of the vehicle you are considering.
Add your down payment and trade
Enter how much you plan to put down and your trade value, if applicable.
Enter your financing details
Add your estimated APR and choose your preferred loan term.
Review taxes and fees
Adjust the estimated taxes and fees if you know the amounts you expect to pay.
See your estimated payment
Review your estimated monthly payment, amount financed, and total interest.
A car payment calculator estimates how much you could pay each month when financing a vehicle. Instead of looking at the vehicle price alone, it considers factors such as your down payment, trade value, APR, loan term, taxes, and applicable fees.
Use the estimate to compare different financing scenarios before you shop. Changing something as simple as the loan term, APR, or amount you put down can make a noticeable difference in both your monthly payment and how much you pay over the life of the loan.
Your monthly car payment is based primarily on the amount you finance, your APR, and the length of your loan.
The amount financed generally starts with the vehicle's purchase price and applicable taxes and fees. Your cash down, trade equity, and eligible incentives can reduce that amount.
Interest is then calculated over your selected loan term to determine your estimated monthly payment.
Because financing terms vary, the calculator provides an estimate rather than a final financing quote.
Several factors can change how much you pay each month:
Looking at these numbers together gives you a better picture of what a vehicle may actually cost each month.
A longer loan term spreads the amount financed across more monthly payments, which can make each payment smaller. However, a longer loan may also mean paying more interest over time.
A shorter term typically results in a higher monthly payment but can reduce the amount of interest you pay overall.
When comparing loan terms, look at both the estimated monthly payment and total estimated interest, rather than choosing based on the monthly payment alone.
A down payment reduces the amount of the purchase you need to finance.
For example, if your estimated amount financed before cash down is $35,000 and you put $5,000 down, you may only need to finance about $30,000. That lower financed amount can reduce your monthly payment and the amount of interest paid over the loan.
The right down payment depends on your budget and financing options, so you can use the calculator to compare several amounts.