auto loan calculator
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How to use Credit Karma’s auto loan calculator
A car could be one of the biggest purchases you’ll ever make. That’s why it’s important to understand how various factors can affect how much you pay to finance a car.
Whether you’re just starting to shop for a car or are ready to finance a particular make and model, getting a sense of your monthly loan payment can help with your decision.
Our calculator can help you estimate your monthly auto loan payment, based on loan amount, interest rate and loan term. It’ll also help you figure out how much you’ll pay in interest and provide an amortization schedule (the respective amount of your payments that goes toward your loan principal and interest each month).
Keep in mind that this calculator provides an estimate only, based on the information you provide. It doesn’t consider other factors — like sales tax and car title and vehicle registration fees — that could add to your loan amount and increase your monthly payment.
- What you need to calculate auto loan payments
- Average interest rates by credit score range for car loans
- Auto loan fees
- Auto loan tips and strategies
- FAQs about auto loans
What you need to calculate auto loan payments
Here are some details on the information you might need to estimate your monthly loan payment.
Loan amount
Enter the amount of money you want to borrow. Or you can enter the car price, your down payment amount and the trade-in value of your current car (if any) instead, and the calculator will automatically fill out the loan amount for you.
Car price (optional)
If you know the price of the car you want to buy or have an idea of the amount you want to spend on a car, enter it in the car price field of the calculator. Note that in order for the calculator to work, you’ll need to provide either an estimated loan amount or car price.
Down payment (if any)
A down payment is the percentage of the car’s purchase price that you pay at the time of sale. The general rule of thumb is to put down at least 20% for a new car and 10% for a used car. But any size down payment can help lower your monthly payments and reduce the amount of interest you pay over the course of the loan. Read more about the benefits of a down payment.
Trade-in value (if any)
If you plan to trade in your car at the same dealership where you’ll buy your new car, the dealer may apply a trade-in value toward your vehicle purchase. This would reduce how much you’ll need to borrow.
If you’re a Credit Karma member and you’ve matched your vehicle to your profile, you can find out your car’s estimated trade-in value as of today.
Loan term
The loan term is the period of time — typically expressed in months — you’ll pay back your auto loan. Available loan terms vary by lender, but generally range from 12 to 84 months.
Stretching your car loan payments out over a longer term could reduce your monthly payment, but you’ll likely pay more interest. You also risk ending up owing more on your loan than your car is worth.
Interest rate
The interest rate is the amount you’ll pay each year to borrow money, expressed as a percentage. The interest rate is different from the annual percentage rate, or APR, which includes the amount you pay to borrow as well as any fees. Entering an estimated APR in the calculator instead of an interest rate will help provide a more accurate estimate of your monthly payment.
A range of factors — including your credit scores and credit history, loan amount, loan term and your down payment — can affect the interest rate your lender may offer. See the table in the next section for the average interest rates that people with different credit scores received on auto loans in the fourth quarter of 2024.
Average interest rates by credit score range for car loans
The average APR on a new-car loan with a 60-month term was 7.82% in the fourth quarter of 2024, according to the Federal Reserve. But as mentioned above, your credit scores and other factors can affect the interest rate you’re offered.
Loan type | Credit score range | ||||
|---|---|---|---|---|---|
| 300-500 | 510-600 | 601-660 | 661-780 | 781-850 | |
| New-car loan | 15.75% | 13.08% | 9.59% | 6.40% | 4.77% |
| Used-car loan | 21.81% | 19.38% | 14.46% | 9.95% | 7.57% |
Source: Experian State of the Automotive Finance Market Report, Q4 2024
Note: Experian doesn’t specify which credit-scoring model it uses in this report.
The table above isn’t a guarantee of the rate you may be offered on an auto loan. Instead, it can help you estimate an interest rate to enter into the auto loan calculator, based on the average rates people with various credit scores received on auto loans in the fourth quarter of 2024.
Keep in mind that there are different credit-scoring models and that various lenders use may different ones. For example, auto lenders may look at your FICO® Auto Scores. And available interest rates and APRs can vary by lender, so be sure to shop around and compare both across your loan offers.
Auto loan fees
When you buy a car, a down payment may not be the only upfront cost. Here are some of the common fees you may encounter when buying a car.
- Sales tax — Most states have sales tax on cars when they are sold.
- Title and registration fees — This is another state fee that proves you are the owner and the car is allowed to be driven.
- Document fees — This fee is for the cost of the auto loan paperwork.
- Delivery fees — This fee covers the cost of shipping your car to the dealership.
You may want to research what some of these fees may cost in your state or call the dealership you’ll be using before purchasing a car so you have a better idea of what you may need to pay up front.
Auto loan tips and strategies
Doing some homework before you get auto financing can pay off. Here are some ideas that may make the process go smoother and help you feel prepared.
Check your credit score
A good first step in the car buying process is to check your credit score to see where you stand. Checking your credit report is a good idea too so you can make sure all of the info is accurate. Once you have your credit report in good shape and know what your credit score is, you can have a better idea of the terms you might be offered based on your credit score.
Create a budget
Next, you should figure out how much car you can afford to finance. Tools like this auto loan calculator can help you get an idea. But don’t forget to consider the total cost of owning a car, which can include expenses like auto insurance, fuel and maintenance. And while it may be tempting, avoid stretching out your loan term to bring down your monthly car payment. You could end up paying thousands more in interest over the life of the loan.
Shop around
Shopping around and getting loan estimates from several lenders can help you find a loan that fits your budget. While getting financing through a dealership can be convenient, you could end up paying a higher interest rate because of dealer markups. Consider getting quotes from different types of lenders — banks, credit unions and online lenders — to do some comparison shopping. Applying for prequalification or to get preapproved for a car loan can help. Getting prequalified for an auto loan or preapproved isn’t a guarantee you’ll get a loan, but it can give you sense of the loan amount, rate and terms you might be able to get. Just keep in mind that those loan terms could change once you submit your complete auto loan application.
Think about making a down payment
You may not be required to make a down payment when you purchase a car. But if you can afford to make one, it may be a good idea. Down payments decrease the total loan amount you’ll have to finance and then pay back and you may save on interest over the life of the loan.
Consider alternatives
If you’re struggling to get approved for a loan, consider finding a co-signer, which may help increase your odds of approval. You could also save up for a larger down payment or buy a less expensive car and work on your credit — see our credit building guide — in the meantime.
FAQs about auto loans
A 72-month car loan may be a good way to lower your payments, but you may end up paying more interest over the life of the loan. You also may end up being upside down on your loan if you end up owing more than your car is worth.
A $25,000 car payment will be different for each individual. What your monthly payment comes out to be will depend on your credit, interest rates, loan length and if you had a down payment. Use our calculator to estimate the monthly payment for a $25,000 auto loan.
Whether you should buy new or used depends on your budget and what you’re looking for in a car. New cars tend to be more expensive than used cars. If you’re looking for a car that has all of the new safety features, a new car may be better for you. Just keep in mind how much you can afford in a car payment when shopping for a car.