Auto Loan Calculator
See exactly how much that new car will cost you each month. Includes tax, fees, and trade-in value.
Total Loan Amount: $0
Scroll down to get your amortization schedule
About the Auto Loan Calculator
This tool helps you see the true cost of vehicle ownership. By factoring in sales tax, dealer fees, and trade-in values, we provide an "out-the-door" estimate that most dealerships won't show you until you're in the finance office.
It uses the simple interest formula common in the automotive industry, where interest is calculated based on the daily balance of your loan.
Understanding Your Results
When looking at your results, pay close attention to the Total Interest Paid. While a 72-month or 84-month loan might offer an attractive monthly payment, you will often end up paying thousands more in interest and risk being "underwater" (owing more than the car is worth) for years.
Ideally, you should aim for a term where you build equity faster than the car depreciates.
A Brief History of Car Financing
In the early days of the Model T, cars were largely bought with cash. General Motors Acceptance Corporation (GMAC) changed everything in 1919 by offering credit to consumers, making cars affordable for the masses.
Since then, loan terms have steadily increased. What was once a standard 36-month loan has evolved into the modern 72-month and even 96-month products we see today, as vehicle prices have outpaced wage growth.