Auto Loan Calculator

Use this auto loan calculator when comparing available rates to estimate what your car loan will really cost, minus additional fees that lenders may enforce. Simply enter the amount you wish to borrow, the length of your intended loan, vehicle type and interest rate. The calculator will estimate your monthly payment to help you determine how much car you can afford.  

Auto Loan Questions

When is the best time to buy a car?

In general, the right time to buy a car is a weekday — you’ll get a better deal than on a weekend. And don’t forget to shop holiday sales, especially late in the year.

Should I buy new or used?

Buying a new car means a fresh car smell and the newest features. But does carry a higher price tag than buying used. Weigh the benefits and drawbacks of both new and used when determining which is right for you. 

How can I get the best deal on vehicle financing?

Driving off with the best auto loan deal comes down to preparation. Shop around and compare at least three loan options and pay close attention to interest rates, terms and fees offered by each lender.

Are auto loan rebates a good idea?

Receiving money back on your vehicle purchase through a rebate varies by the dealer and gives you cash in exchange for vehicle purchase. Auto loan rebates are especially a good idea if they are available for a vehicle you are already interested in.

What is auto loan interest?

Auto loan interest is the cost incurred in order to borrow money to finance your car. The monthly cost is the repayment of the amount you borrow plus the interest that builds.
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Auto Loan Tips

Prepare for additional costs

Unfortunately, the final price you pay will be higher than the sticker that you see on the car window. You must factor in expenses such as taxes, title fees and even future vehicle maintenance when calculating vehicle cost. 

A longer-term loan might not be worth it

Loan repayment terms can range from 24 to 84 months. While a longer-term loan will mean a lower monthly cost, the longer the lifetime of the loan is the more that you will pay in interest. Also, consider that a longer term means that you could be stuck with that vehicle for up to seven years. 

Consider refinancing your current car loan

Refinancing your current loan can be a great option to save money while keeping your vehicle. Consider this option if you first signed off at a dealership or if you have improved credit and can likely receive a better rate and term. 

Buying vs. leasing 

Determining if you want to buy or lease your new car requires consideration of the number of miles you plan to clock on the vehicle odometer as well as how much you can afford each month.  

What leasing is 

When you lease a car you have the right to use the vehicle but do not have full ownership. Think of it as borrowing the car for a set amount of time, usually three or four years, but not holding complete rights to the car. Leasing also carries specific restrictions in terms of use. With a lease, you will be restricted to a certain number of miles driven and the expectation to return the vehicle in mint condition — or incur fees.  

You likely will find leasing options through dealerships, and it can be a great option if you have your sights set on a specific model. Leasing is worth exploring if you are interested in driving several, more expensive vehicles every few years rather than signing off on just one. Leasing also carries incentives, such as the ability to drive a higher-end vehicle, cash rebates, manufacture warranty and subsidized residual values.  

How to decide between buying and leasing 

To decide if you should lease or buy your next vehicle you should consider three main factors: the amount you drive, the purpose of the vehicle and how much you can afford to spend. Buying is best if you want full ownership of the vehicle and can afford a higher monthly cost. Leasing is right for you if you appreciate the flexibility in vehicle types and can stick to the mileage restriction.

Just as with buying a vehicle, you will have a monthly payment over the life of your lease. But when it comes to buying there is light at the end of the tunnel in terms of ownership. With leasing, unless you plan for a lease buyout, you will simply have the vehicle for a set time with no sole possession in sight. 

Leasing comes with quite a few caveats that can lead to a damaged credit report or money loss. If leasing is the right route for your needs, consider common pitfalls before signing off.