Car Loan Payment Calculator
Calculate monthly car loan payments, total interest paid, and total cost of the loan. Compare different loan terms and interest rates side by side.
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The standard car loan formula uses amortization: M = P[r(1+r)^n]/[(1+r)^n-1]. Shorter loans (36-48 months) have higher payments but save thousands in interest. A $30,000 loan at 6.5% costs $4,900 in interest over 48 months vs $6,200 over 60 months. Keep your monthly payment below 15% of gross income. A larger down payment (20%+) reduces interest cost and avoids being "underwater" (owing more than the car is worth). Credit score strongly affects your rate — 720+ gets the best rates.