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Car Loan Calculator

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**Note: For exceeding 120 no. of payments, a group of 12 payments will be combined into a single payment number for better chart visibility.

Period Payment Interest Balance

Calculator Disclaimer

The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.

Calculate Your Monthly Payment Before Visiting the Dealership!

Use GoodCar’s free car loan calculator to estimate your car payment before heading to the dealership. See if you can afford your dream car or determine the monthly payment that fits your budget.
Simply enter the necessary details into the calculator, and you’ll instantly see the results. Our estimates are based on the vehicle’s price, your trade-in value, down payment, interest rate, and loan term. Please note that these calculations may not account for dealer rebates, manufacturer incentives, your credit score, or additional fees such as document preparation.

Car Loan Specifics

Buying a new or used car is exciting until you find out how much it will cost you. It is important to get all the facts before car shopping.
A monthly payment is only part of the total cost of owning a vehicle. You must also consider expenses like maintenance, fuel, insurance, and potential repairs not covered by a warranty.
When applying for a car loan, it’s important to understand that lenders will evaluate several factors, including your ability to afford the loan. Typically, your car loan payment should not exceed 10-15% of your net income.
When a dealer presents a monthly car payment, be sure to break down the numbers to understand exactly how they arrived at that figure. Dealers may sometimes pad invoices or add extras to the price, as long as the monthly payment aligns with what the customer expects. Always ask for the dealer invoice, carefully review the window sticker, and compare the MSRP (manufacturer’s suggested retail price) to what they are charging. Additionally, compare loan term lengths to ensure you’re getting the best deal—longer terms may lower your monthly payment but will cost you more in interest over time.

Glossary of Car Loan Calculator Terms

Below is a glossary of our tool’s car loan calculator terms. Please read them carefully to understand how each number factors into the whole.

Purchase Price: The purchase price of a vehicle is the amount you and the seller agree on. It could be the sticker price, MSRP, or a price adjusted by incentives, discounts, or inflation. This is the base amount you’ll pay for the car, before factoring in interest, taxes, or fees. The lower the purchase price, the lower your monthly payments will be, and you’ll pay less interest over the life of the loan.

Down Payment: When financing a new vehicle, lenders typically require a down payment in cash. This amount reduces the total you need to finance, which in turn lowers your monthly payments. It’s generally advisable to put down as much as possible and finance less. The higher your down payment, the less interest you’ll pay over time, and you might even qualify for lower interest rates.

Trade-In: If you have a vehicle that the dealership is interested in purchasing, you can trade it in to reduce the cost of your new car. The dealer will inspect your vehicle for any issues and offer a trade-in value. If you accept, this amount will be deducted from the price of your new car and can sometimes be used as your down payment instead of cash. However, it’s important to note that selling your vehicle privately often yields a higher price than trading it in at a dealership.

Loan Term (Number of Months): The loan term refers to the number of months you’ll be making payments on your car before it’s fully paid off. Car loans typically range from 3 to 6 years. While a longer term will reduce your monthly payment, it will result in paying more interest over the life of the loan. Shorter terms mean higher monthly payments but less interest overall.

Interest Rate: Your loan’s interest rate is determined by factors such as your credit score, loan amount, loan term, down payment, and the lender’s specific criteria. You can secure a lower interest rate by making a larger down payment, opting for a shorter loan term, and having a strong credit score. Credit unions and local banks often provide better interest rates for car loans compared to larger financial institutions.
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