How it works
Enter the price of the car, what you are putting down (cash plus any trade-in credit), your APR and the loan length. The payment is the standard fixed-rate installment loan payment, the same formula lenders use.
Switch to Car price I can afford to work backward: start from the payment that fits your budget and see the most car it will buy at your rate and term. The table shows how the answer moves with each term length.
Stretching a loan from 60 to 72 or 84 months lowers the payment but adds interest, and it keeps you owing more than the car is worth for longer. For a full deal with sales tax, title fees and a trade-in you still owe money on, use the auto loan calculator.
Formula
Payment = L × r ÷ (1 − (1 + r)^−n), where L = price − down payment, r = APR ÷ 12, n = months
Questions people ask
What is a typical car payment?
It depends almost entirely on price, rate and term. As a check: $28,000 financed at 7% for 60 months is about $554 a month; the same loan over 72 months is about $477, but costs roughly $1,150 more in interest.
How much car can I afford?
A common guideline is to keep all car costs (payment, insurance, fuel) under about 15 to 20% of take-home pay. Use the "Car price I can afford" mode with a payment that fits that budget.
Does a bigger down payment lower my payment?
Yes. Every dollar you put down is a dollar you don't finance, so the payment drops by about the loan payment on that dollar, and you pay less interest overall.
Is a 72- or 84-month car loan a good idea?
It lowers the monthly payment but raises total interest, and cars lose value fast, so long loans often leave you owing more than the car is worth for several years. Shorter terms usually also come with lower rates.