Auto Loan & Car Payment Calculator
How much will my vehicle payments be?
Buying and financing a car is a significant financial decision, and understanding your monthly payment is crucial before you sign on the dotted line. An auto loan calculator takes the guesswork out of car shopping by showing you exactly what you'll pay each month based on vehicle price, your down payment, interest rate and loan term. Whether you're looking at your first car, refinancing or upgrading to something new, having a clear picture of your monthly expenses helps you make a smart financial choice that fits your budget.
Our car payment calculator can help you determine what you will spend each month on your car loan without you needing to do any extra legwork to figure it all out. This tool considers multiple factors that directly impact your monthly payment, giving you a realistic picture of what car ownership will cost.
How to Use the Auto Loan Calculator
Getting accurate results from an auto loan payment calculator requires entering the right information in each field. Gather your vehicle pricing details, financing terms, and any additional costs so you can see the complete picture of your monthly commitment.
Purchase price
These basic fields provide the essential information needed for your loan calculation.
- Vehicle price: Enter the total purchase price of the car you're considering, including any dealer fees or add-ons you plan to include in your financing
- Down payment: Input the cash amount you're putting down or the credit value of your trade. The larger your down payment, the lower your monthly payment will be. If there is no down payment, enter zero
- Loan term: Select the number of months or years you want to finance the vehicle. Shorter terms mean you'll pay more on a monthly basis, but you'll pay less in interest. Conversely, longer terms reduce monthly costs but increase overall interest expenses
- Interest rate: Enter the interest rate you expect to receive based on your credit situation. If you're unsure, research current rates for borrowers with similar credit profiles
Advanced
For a more detailed and accurate payment calculation, include these additional factors:
- Trade-in value: If you're trading in your current vehicle, enter its estimated value as determined by resources like Kelley Blue Book or Edmunds, less the amount you owe
- Sales tax rate: Input your local sales tax percentage based on where you live. This cost is often financed into your loan rather than paid separately at purchase
- Other fees: Include additional costs like documentation fees, extended warranties or gap insurance that you plan to finance rather than pay upfront
Additional Costs to Factor Into Your Auto Loan Payment
Beyond your basic loan payment, several additional costs impact your total monthly vehicle expenses and should be considered when budgeting for a new car, such as:
- Taxes/Fees: The sales tax on your vehicle purchase is often included in your loan, increasing your monthly payment. Additionally, you may be required to pay annual registration fees or personal property taxes which should be considered because of the impact to your monthly payment
- Insurance: Car insurance is required and the cost varies based on the vehicle type, your driving record, and coverage levels. If you are financing the vehicle, check with your lender regarding the insurance requirements
- Optional add-ons: There are other optional protections like extended warranties, GAP insurance, paint protection and other dealer add-ons. In some cases, these products may be added into your loan. If you purchase them, your payment will be increased
Tips for Managing and Lowering Your Car Payment
Smart financial strategies can reduce your monthly car payment and total loan cost, making vehicle ownership more affordable and manageable. Here are a few simple ways to save on your car payment:
- Make a larger down payment: Making a larger down payment reduces the amount you need to borrow, which directly lowers your monthly payments and total interest costs. Aim for at least 10-20% down, though more is better if your budget allows
- Choose a more affordable car: Consider certified pre-owned vehicles or alternative models that meet your needs at a lower price point. Sometimes, stepping down in features can lead to significant savings
Explore Auto Loans With California Credit Union
Understanding your potential car payment is the first step toward making a smart vehicle purchase that fits comfortably in your budget. Our auto loan calculator helps you explore various scenarios and find the optimal balance of monthly payment and total loan cost for your specific situation. By considering all factors, from the purchase price and financing terms to additional costs such as taxes and insurance, you enhance your financial literacy, which can help you make a more informed decision.
California Credit Union offers competitive auto loans with flexible terms to meet your specific needs. You can also get pre-approved to give you negotiating power at the dealership and streamline your car-buying process.
California Credit Union cannot and does not guarantee the accuracy or the applicability to your individual circumstances. All examples are hypothetical and are for illustrative purposes. Calculator results are estimates based on information you provided and California Credit Union does not guarantee your ability to receive these terms. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
