You might be using an unsupported or outdated browser. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website.
Advertiser Disclosure Updated: Apr 22, 2020, 7:53am

Auto Loan Calculator: Estimate Your Car Payments UD

Updated: Apr 22, 2020, 7:53am
Naren Harwani
Naren Harwani administrator
Editorial Note: Forbes may earn a commission on sales made from partner links on this page.- test default

Calculating your monthly auto loan payment before going to the car lot can boost your negotiating power and help you choose the best loan for your budget.

 

How to use the car loan calculator

While you can’t calculate your monthly car payment to the penny, having a good estimate will put you in the driver’s seat at the dealership and help you compare auto loan offers.

 

Here’s how to use the auto loan calculator and a look at the different numbers that will make up your car payment.

  • Car price: In this field, put in the price you think you’ll pay for the car after negotiations.
  • Trade-in and down payment: Enter the total amount of cash you’re putting toward the new car, plus the trade-in value of your existing vehicle, if any.
  • Interest rate: You can enter the rate you’ve qualified for or estimate your rate based on your credit score using the dropdown menu at the top of the calculator.
  • Number of months: Enter the loan term, or how long you plan to take to pay off the loan.
  • Results: There’s no need to search for a “calculate” button. Simply put in your numbers and the results will update immediately.

In addition to looking at the monthly payment result, be sure to face the cold, hard reality of how much you’ll pay in interest. If that’s not sobering enough, look at the total amount you’ll spend on the car loan (this excludes the down payment).

By changing the trade-in or down payment amount, the interest rate or loan term, you’ll see how it impacts your car payment and total loan costs so you can compare offers.

Frequently Asked Questions

Estimating new-car prices

As a starting point, you can use the vehicle’s sticker price (also called the MSRP). However, in most cases, you’ll be able to negotiate a discount from the sticker price. Manufacturer rebates also may lower the price. Remember to include the cost of options and the “destination fee” that is charged for all new cars.

Estimating used-car prices

If you’re buying a used car, estimating the sale price is a bit trickier. You can start with the seller’s asking price, but you may be able to negotiate it lower. To get an idea of a fair price, use online pricing guides or check local online classified ads for comparable cars.

Estimating trade-in values

You can use online sites for appraisals and pricing help. When using a pricing guide, make sure you check the trade-in value and not the retail cost (the price at which the dealer sells the car).

More from

By
Best Student Loan Refinance Lenders Of 2020 – [Review]
Best Student Loan Refinance Lenders Of 2020 – [Review]
Alexandra Talty By Alexandra Talty contributor
Best Private Student Loans Of 2020 (Review)
Best Private Student Loans Of 2020 (Review)
Rob Berger By Rob Berger Forbes Staff
Student Loan Calculator Generic
Student Loan Calculator Generic
Naren Harwani By Naren Harwani administrator
6 Best Private Student Loans
6 Best Private Student Loans
Naren Harwani By Naren Harwani administrator
Auto Loan Calculator: Estimate Your Car Payments With Accordion and MyFi UD
Auto Loan Calculator: Estimate Your Car Payments With Accordion and MyFi UD
Naren Harwani By Naren Harwani administrator
Auto Loan Calculator: Estimate Your Car Payments with MYFI shortcode UD
Auto Loan Calculator: Estimate Your Car Payments with MYFI shortcode UD
Naren Harwani By Naren Harwani administrator
Forbes adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Naren Harwani
Naren Harwani
administrator

First Published: Apr 22, 2020, 6:58am
The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. This compensation comes from two main sources. First, we provide paid placements to advertisers to present their offers. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market. Second, we also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our partners who offer products that we have affiliate links for.
lorem
Are you sure you want to rest your choices?