Calculate your monthly payment, total interest, and full cost of any auto loan.
| Year | Principal | Interest | Balance |
|---|
Enter your vehicle price, down payment, interest rate, and loan term to instantly see your monthly payment and the full cost of borrowing.
As of 2026, average auto loan rates range from around 5% to 9% for new cars and 7% to 14% for used cars, depending on your credit score. Buyers with excellent credit (720+) typically qualify for the lowest rates.
A 48 to 60-month loan is generally recommended. Longer terms (72 or 84 months) lower your monthly payment but significantly increase total interest paid and can leave you "upside down" — owing more than the car is worth.
Financial experts typically recommend a down payment of at least 20% for a new car and 10% for a used car. A larger down payment reduces your loan amount, monthly payment, and total interest.
A common guideline: put 20% down, finance for no more than 4 years, and keep total monthly car expenses (payment + insurance) under 10% of your gross monthly income.