Auto Loan Tools

Drive Smarter.
Borrow Smarter.

Calculate your payment, total cost, and fastest payoff before you ever step into the dealership.

Auto Loan Payment Calculator

Enter your vehicle details for a real-time payment breakdown.

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Total Loan Amount
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Total Interest Paid
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Total Cost of Vehicle
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ⓘ Results include sales tax on the financed amount. PMI and fees not included. Estimates only.

Early Payoff Calculator

See how much time and money you save by paying a little extra each month.

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Time Saved
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Interest Saved
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⚠ Without Extra Payment
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Total Interest—
✦ With Extra Payment
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How Much Car Can I Afford?

Based on the 20/4/10 rule and your income, find your true budget.

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Max Vehicle Price
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Debt-to-Income
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The 20/4/10 Rule
Put 20% down, finance for no more than 4 years, and keep total vehicle costs (payment + insurance + gas) under 10% of gross income. This calculator uses 15% of gross income as the max payment — a common real-world guideline.
Auto Loan Guide

Everything You Need to Know

  • Check your credit score first — Scores above 720 get the best rates. Know where you stand before shopping.
  • Get pre-approved before the dealership — Check your bank or credit union for pre-approval. This gives you a rate anchor and negotiating power.
  • Compare APR, not just monthly payment — Dealers love stretching terms to lower payments. Always compare total cost and APR.
  • Bank vs. dealer financing — Dealers mark up rates for profit. Credit unions typically offer rates 1–2% lower than dealer financing.
  • Watch out for add-ons — Decline extended warranties, gap insurance, and paint protection at the dealer. You can often get these cheaper elsewhere.
  • Never reveal your monthly budget — Negotiate the total price, not the payment. Saying "I can afford $400/month" invites manipulation.
  • Aim for 20% down on new vehicles — Cars depreciate quickly. A 20% down payment protects you from being "upside-down" (owing more than the car is worth).
  • 10% minimum on used vehicles — Used cars have already depreciated, so the risk is lower, but some down payment is still smart.
  • Negative equity is a trap — If you owe more than your car is worth, you can't sell or trade it without bringing cash to the table.
  • Your trade-in counts — Trade-in value applies directly to your down payment, which reduces your loan principal and interest paid.
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Zero-Down Loans Are Risky
Financing 100% of a vehicle means you're immediately underwater the moment you drive off the lot — cars typically lose 10–15% of value in the first year.
  • Make bi-weekly payments — Pay half your monthly payment every two weeks. You end up making 13 full payments per year instead of 12 — that's one extra payment annually.
  • Round up your payment — If your payment is $387, pay $400. That extra $13/month is pure principal reduction.
  • Apply windfalls directly to principal — Tax refunds, bonuses, and gifts applied as lump-sum principal payments can dramatically accelerate payoff.
  • Refinance to a lower rate — If your credit has improved since origination, you may qualify for a lower rate. Even 1% less saves hundreds.
  • Check for prepayment penalties — Most auto loans have none, but verify before making extra payments. This is rare but worth confirming.
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Pro Tip: Specify "Apply to Principal"
When making extra payments, explicitly tell your lender (in writing or via their online portal) to apply the overage to principal, not toward next month's payment.
  • New cars get lower rates — Lenders offer better APRs on new vehicles because they're easier to repossess and sell. Manufacturer incentives can drop rates to 0–2.9%.
  • Used cars over 7 years old face restrictions — Many lenders won't finance vehicles older than 7 years, or charge significantly higher rates.
  • Certified Pre-Owned (CPO) is a middle ground — CPO vehicles often qualify for near-new financing rates and come with extended warranties.
  • Private party vs. dealer — Buying from a private seller usually requires a personal loan or specialty auto loan, which may carry a higher rate than dealer financing.