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Auto loans are a type of installment loan that split a car purchase into monthly payments over a period of years, which can make a new or used car more affordable. Auto loan terms typically run from 36 to 96 months, and the shorter the term, the less you’ll pay in interest.

Understanding the true cost of a car loan is especially important now that average loan terms have been growing, according to credit reporting agency Experian. In the fourth quarter of 2019, the average loan term on new cars purchased was just over 69 months. Use our auto loan calculator below to find your monthly payment, your total interest charges and your car’s overall cost.

Auto Loan Calculator

Credit Score

Car Price

Interest Rate

Trade-In Value / Down Payment

Loan Terms

Monthly Payment

$599.55

Total Interest Paid

$115,838.00

Total Amount Paid

$215,838.00

Show

Amortization Schedule And Graph

Monthly Payment

$599.55

(Before taxes and fees)

Total interest paid

$115,838.00

Total amount paid

$215,838.00

(Over the loan term)

Loan Breakdown

Amortization Graph

Annual Amortization Schedule

Annual Schedule

Monthly Schedule

Year 1

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1

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Minimum rate

3.49%

Loan amount

Starts at $7,500 (no max)

Minimum credit score

620

1

Consumers Credit Union

Learn More

On Consumers Credit Union’s Website

Auto Loan FAQs

How much car can I afford?

Start by determining how much of your monthly budget transportation costs should account for. One rule of thumb: Keep your total car expenses to 15% or less of your monthly take-home pay. So if you earn $3,000 a month after taxes, your all-in car costs—including auto loan payment, gas, maintenance and repairs and car insurance — should come out to no more than $450 per month. To save money, look into auto insurance discounts you may be eligible for.

What loan term length should I choose?

Avoid stretching out your loan term to keep your auto loan payment as low as possible. You’ll not only pay more in interest; you may also end up having negative equity, meaning you owe more on the car than it’s worth, for an extended period of time. Choose the shortest loan term you can manage while balancing other expenses like housing, savings and repaying other debts.

What determines my auto loan APR?

Your APR is based in large part on your credit score, and the higher your credit score, the more likely you’ll be to receive the most competitive rates. In the fourth quarter of 2019, borrowers with the lowest credit scores received an average APR of 14.25% on new car loans, while those with the highest credit scores received an average APR of 3.82%, according to Experian.

What factors determine the total cost of a car?

When you’re choosing a loan, the length of the loan term and the APR you receive will determine how much you pay in total. So will the down payment you make, and any money you receive for trading in your previous car. You’ll also need to pay for state taxes, title fees and potentially dealer-specific fees upon purchase, plus ongoing driving expenses.

Where can I get an auto loan?

Several types of lenders make auto loans, including car dealers, major national banks, community banks, credit unions and online lenders. You may get a particularly good deal from a lender you already have an account with, so check their rates first. Compare auto loan rates across multiple lenders to ensure you get the lowest APR possible.

Compare Rates and Save on Your Auto Loan

Get up to 4 loan offers in minutes at myAutoloan.com.

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