Car Loan Calculator – Monthly Car Loan Payment Calculator

Use the Edmunds Auto Loan Calculator to determine or verify your payment

You’re getting ready to buy your next car, but you don’t know what the monthly car payment will look like. Getting a monthly payment usually involves some math, but the good news is that the Edmunds Auto Loan Calculator will do the heavy lifting for you.

Let’s say you have your eye on a compact car or SUV. Choose the make and model you want or enter the vehicle price into the auto loan calculator. It will ask you for a few other details such as down payment, loan term, trade-in value, and interest rate. After that, it will calculate compound interest, estimate taxes and property duties, and show the monthly payment.

This auto loan calculator will help you visualize how changes to your interest rate, down payment, trade-in value, and vehicle price affect your loan. Take the time to experiment with different values ​​to find an auto loan setup that best suits your budget.

Consider all aspects of the loan

The monthly payment is the best indicator of the impact of auto credit on your budget. This can give you a reality check on whether you can afford the vehicle. And while this number is the easiest to understand, it’s not the only number you need to know.

It is also important to know the total amount of the loan, the amount of the down payment you are making and the term of the loan. The general rule for each of them is as follows:

The repayment of your loan must not exceed 15% of your net salary. The term of the loan should ideally be less than 72 months, and you should aim for a down payment of at least 10% or consider GAP insurance.

Keep in mind that everyone’s situation will be different, so these recommendations aren’t set in stone. Also, these numbers will be different for those renting, so take a look at our articles for information specific to this scenario.

When you get a monthly payment, whether from a quote, a negotiation, or a special announcement, make sure you know all the numbers behind it. What good is a low payment if it takes you 84 months to pay off the loan? Is the selling price of the car a good deal? What about the trade-in amount the dealer offers for your car? Ask your salesperson for “out-the-door” numbers and review them before making a decision.

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