Use this Simple Auto Loan Payment Calculator with Tax and Interest to calculate your monthly car/auto loan payments. Enter the car purchase price, down payment, loan amount, Interest rates, and the number of months. When you try to calculate monthly payment, put 0 (Zero) in any one of these three options (car purchase price, down payment, or loan amount). The calculator will calculate it itself.
By calculating your monthly auto loan payment estimate on a used car loan or new car loan before you visit the dealership, you could end up saving money. Then you can purchase the car with the best loan for your budget and negotiate the best deal for your car.
A Guide to Estimating Your Interest Rate
If you are preapproved for an auto/car loan then enter the interest rate you have received from the lender. Or, If you know your credit score then you can estimate the interest rate. The average interest rate is:
| Credit Score | Average APR, New Car | Average APR, Used Car |
|---|---|---|
| Superprime: 781-850 | 2.41% | 3.71% |
| Prime: 661-780 | 3.54% | 5.54% |
| Nonprime: 601-660 | 6.64% | 10.43% |
| Subprime: 501-600 | 10.81% | 17.26% |
| Deep subprime: 300-500 | 14.66% | 21.07% |
How to use the auto loan calculator to find the right car
This auto loan calculator is mainly built for the US people if you are outside of the US you can also use this calculator but make sure you adjust everything Properly. This auto loan calculator will give you a good idea about your monthly loan payment if you are in the US.
(This auto loan calculator doesn’t calculate the thing like documentation fee and registration cost. Therefore, when you calculate your monthly auto loan payment, add a 10% overestimate to your results).