Auto Loan Calculator
$
%
Monthly Payment$489.15
Total Interest$4,349.22
Total Cost$29,349.22
Loan Amount$25,000.00
Payment Breakdown
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Auto loan payments use the same PMT formula as mortgages but with shorter terms. Longer terms lower your monthly payment but increase total interest paid and risk leaving you underwater on the loan as the car depreciates.
Frequently Asked Questions
What is a good interest rate for an auto loan?
As of 2025, average auto loan rates range from 5–8% for new cars with good credit. Rates vary by credit score, loan term, and whether the car is new or used. Used car loans typically carry higher rates.
Should I choose a longer loan term to lower my payment?
A longer term lowers monthly payments but significantly increases total interest paid. Longer-term loans can also leave you 'upside down' (owing more than the car is worth) as cars depreciate quickly. 48–60 months is often recommended.
How does a down payment affect my auto loan?
A larger down payment reduces the loan principal, lowering both your monthly payment and total interest. It also reduces the risk of being upside-down on the loan. A 10–20% down payment is generally recommended.
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