Vehicle Price ($)
Down Payment ($)
Trade-in Value ($)
Annual Interest Rate (%)
Loan Term
Sales Tax Rate (%)
Result (click to copy)
Frequently Asked Questions
What is a good interest rate for a car loan?
As of 2025, average auto loan rates: new cars 5–8% APR for good credit (720+), 8–15% for fair credit. Used cars typically 1–3% higher. Credit unions often offer the best rates. Always get pre-approved before visiting a dealership.
Should I put more money down on a car?
A larger down payment reduces your monthly payment and total interest paid. It also reduces the risk of being 'upside down' (owing more than the car is worth). Aim for 10–20% down on a new car, 10%+ on used. If financing 0% APR, a down payment matters less.
What is a trade-in?
A trade-in is selling your old vehicle to the dealership as part of a new purchase. The trade-in value is deducted from the purchase price, reducing your loan amount. You can often get a better price selling privately, but a trade-in is faster and more convenient.
Is a 72 or 84 month car loan a good idea?
Longer terms mean lower monthly payments but significantly more interest. A 84-month loan on a $35,000 car at 7% costs ~$3,200 more in interest than a 60-month loan. Cars also depreciate faster than long loans pay down, leaving you owing more than the car is worth.