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Calculate your auto loan monthly payment, total interest, and amortization schedule. Includes down payment, trade-in value, and sales tax options.
An auto loan is a secured installment loan used to purchase a vehicle, where the car serves as collateral. Monthly payments include principal and interest over a fixed term.
per month
Formula
M = P × [r(1+r)^n] ÷ [(1+r)^n − 1]M = monthly payment amount
P = principal loan amount (vehicle price − down payment)
r = monthly interest rate (APR ÷ 12 ÷ 100)
n = total number of monthly payments (months)
Worked Example
$30,000 car at 5.9% APR over 60 months
Did you know? The average new car loan in the US reached a record $40,634 in 2024 with an average APR of 7.1% — meaning buyers pay over $7,000 in interest over a 60-month term. A 10% down payment reduces total interest paid by roughly 10% as well.
Sources
| Credit Score | New Car | Used Car |
|---|---|---|
| 750+ | 5.0% | 6.5% |
| 700–749 | 6.5% | 8.0% |
| 650–699 | 8.5% | 10.5% |
| 600–649 | 11.0% | 14.0% |
| Below 600 | 14.0% | 18.0% |
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