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Car loan calculator and offer compare.
Your car payment depends on three numbers: the amount financed, the APR and the term in months. A longer term lowers the payment but usually raises the total interest, so compare offers on total paid. Enter two offers below.
Offer 1
- Monthly payment
- $592.62
- Total interest
- $5,557.29
- Total paid
- $35,557.29
- Costs more than the cheaper offer
- $277.57
Offer 2 · cheaper overall
- Monthly payment
- $490.00
- Total interest
- $5,279.73
- Total paid
- $35,279.73
If Offer 1 ($30,000 at 6.90% for 60 months) is the lender’s buy rate
- Payment at 7.90%
- $606.86
- Payment at 8.90%
- $621.30
- Extra per month (+1% / +2%)
- $14.24 / $28.67
Estimates for planning and comparison only, not financial, legal or tax advice. Rates, taxes and fees vary by lender, state and credit. Check the final numbers on the signed contract. Nothing you type is sent or saved.
How this calculator works
- Monthly payment uses standard loan amortization: payment = amount × r ÷ (1 − (1 + r)^−n), where r is the APR ÷ 12 and n is the number of months. At 0% APR the payment is the amount ÷ months.
- Total paid = payment × months. Total interest = total paid − amount financed.
- The markup panel treats Offer 1’s APR as the lender’s buy rate and shows the cost of 1 and 2 extra percentage points over the same term.
Assumptions and limits
- Assumes a simple-interest loan with equal monthly payments and no prepayment. It leaves out fees the lender may add.
- The rates shown are examples, not offers. Your APR depends on your credit, the lender, the vehicle and the term.
Car loan cost: questions
Is a lower car payment always better?
No. A longer term lowers the payment and often costs more in total interest, and it keeps you owing more than the car is worth for longer. Compare total paid.
What is a dealer rate markup?
Lenders approve a buy rate. Dealers are often allowed to add points on top and keep part of the difference. A pre-approval from a bank or credit union gives you a number to compare against.
How do I compare car loan offers?
Put each offer’s amount, APR and term in the calculator and compare total paid over the life of the loan, not just the monthly payment.
Read next
Car loan pre-approval
Why a credit union often beats dealer financing, and how to use it at the desk.
Dealer rate markup and buy rate
How markup works, and the words that get it removed.
Compare car loan offers
A worksheet for comparing offers on the terms that matter.
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