Car Loan Calculator
Calculate your monthly car payment with term comparison
Vehicle & Loan Details
Monthly Car Payment
$574
for 60 months
Total Loan Amount
$30,000
After down payment
Total Interest
$4,457
Over loan lifetime
Total Cost
$39,457
Vehicle total cost
Payoff Date
May 2031
60 months from now
- Vehicle Price
- $35,000
- Down Payment
- $5,000
- APR
- 5.59%
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Loan Term Comparison
| Term | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 48 mo | $699 | $3,548 | $38,548 |
| 60 moSelected | $574 | $4,457 | $39,457 |
| 72 mo | $491 | $5,381 | $40,381 |
| 84 mo | $432 | $6,320 | $41,320 |
Good Rate vs. High Rate Impact
On a $35,000 vehicle, 60-month loan
Good Rate (5.9%)
$579/mo
Total interest: $4,715
High Rate (14.9%)
$712/mo
Total interest: $12,727
Difference
$8,012
Extra interest paid with high rate
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $574 | $435 | $140 | $29,565 |
| 2 | $574 | $437 | $138 | $29,129 |
| 3 | $574 | $439 | $136 | $28,690 |
| 4 | $574 | $441 | $134 | $28,250 |
| 5 | $574 | $443 | $132 | $27,807 |
| 6 | $574 | $445 | $130 | $27,362 |
| 7 | $574 | $447 | $127 | $26,915 |
| 8 | $574 | $449 | $125 | $26,467 |
| 9 | $574 | $451 | $123 | $26,016 |
| 10 | $574 | $453 | $121 | $25,562 |
| 11 | $574 | $455 | $119 | $25,107 |
| 12 | $574 | $457 | $117 | $24,650 |
How much is my car payment?
Example: $35,000 vehicle, $5,000 down, 60-month term at 6.5% APR:
- Loan amount: $30,000
- Monthly payment: $587
- Total interest: $5,220
- Total cost of car: $35,220
Extending to 72 months would reduce the payment to $507/month but add $1,500 in total interest.
Average Car Loan Rates 2026 by Credit Score
| Credit Score | New Car Rate | Used Car Rate |
|---|---|---|
| Exceptional (720+) | 5.59% | 7.69% |
| Good (660–719) | 7.65% | 10.30% |
| Fair (620–659) | 11.45% | 14.80% |
| Poor (580–619) | 16.12% | 20.40% |
| Very Poor (<580) | 22.50% | 26.90% |
Source: Experian State of the Automotive Finance Market, 2026 averages.
New vs. Used Car Loan Interest Rates
🚗 New Car Loans
- ✓ Lower interest rates (typically 1–3% less)
- ✓ Manufacturer incentives & 0% APR deals
- ✓ Longer loan terms available (up to 84 months)
- ✗ Higher purchase price
- ✗ Rapid initial depreciation (15–25% first year)
🚙 Used Car Loans
- ✓ Lower purchase price
- ✓ Slower depreciation curve
- ✓ Lower insurance premiums
- ✗ Higher interest rates
- ✗ Shorter loan terms typically offered
Is a 72-Month Car Loan a Bad Idea?
A 72-month loan on a $35,000 car at 6.5% APR costs $7,230 in total interest vs. $4,800 for a 60-month loan — that's $2,430 extra for a payment that's only about $80/month less.
Worse, cars depreciate 15–20% the first year. With 72 months of slow principal paydown, you're likely "underwater" (owing more than the car is worth) for the first 3+ years.
Recommendation: Keep your loan at 48–60 months. If the payment isn't affordable, consider a less expensive vehicle.