Auto Loan Calculator
Car loan or car finance payment with down payment, trade-in, sales tax and fees, or a UK PCP-style final payment.
How to Use Auto Loan Calculator
- 1Choose where you're buying. In the US you can add sales tax, fees and a trade-in; in the UK, a deposit, part-exchange and an optional final (balloon) payment.
- 2Enter the car's price, your down payment or deposit, and the interest rate on your finance offer.
- 3Pick a term from 24 to 84 months.
- 4Add a trade-in or part-exchange, and anything you still owe on your current car.
- 5Read the monthly payment, total interest and the total cost of the car, and compare terms in the table.
Frequently Asked Questions
What is the monthly payment on a $35,000 car?
With $5,000 down, 6% sales tax and a 7% rate over 60 months, you'd finance $32,100 and pay $635.62 a month, with $6,037 in interest. Change any figure to see your own payment.
Is a 72-month car loan a good idea?
It lowers the payment but costs more. On $30,000 at 7%, the payment is $718 over 48 months, $594 over 60 and $511 over 72, but total interest rises from $4,483 to $5,642 and then $6,826. Long loans also mean owing more than the car is worth for longer.
How does a trade-in affect sales tax?
In most US states, sales tax is charged only on the price after your trade-in, which saves you tax on the trade-in's value. A few states tax the full price. The calculator lets you choose.
PCP or HP: which is cheaper each month?
PCP usually has lower monthly payments because you don't repay the final amount (the guaranteed future value) unless you keep the car. On £22,000 at 7.9% over 48 months, a payment of £393.79 a month leaves £8,000 to pay at the end, while HP clears the loan at £536.05 a month. PCP costs more interest in total, £4,902 against £3,731, because the balance stays higher.
What if I still owe money on my current car?
Enter it under 'Still owed on it'. The amount is added to the new loan (negative equity), which raises your payment and the interest you pay.
Should I use the dealer's finance or a bank loan?
Compare the APR and total cost of both. Dealers sometimes offer low or 0% rates in exchange for a higher price or fewer discounts, so check the total you'd pay for the car under each option.
About Auto Loan Calculator
This auto loan and car finance calculator shows what a car really costs each month and in total. In the US it handles the down payment, trade-in and any amount still owed on it, state sales tax and dealer fees. In the UK it covers deposits, part-exchange and PCP-style deals with a final balloon payment, as well as standard hire purchase.
A table compares the same car over 24 to 84 months, so you can see how a lower monthly payment adds to the total interest. The chart shows how much you still owe over the life of the loan.
Figures are estimates. Your rate depends on your credit, and dealers' and lenders' fees vary; with PCP, mileage and condition charges can apply if you hand the car back.