Auto Loan Calculator
Calculate your monthly car payment, total interest, and compare loan terms to find the best financing for your next vehicle.
Monthly Payment
$634.92
Total Interest
$5,645
Total Cost
$43,095
Vehicle & Loan Details
$35,000
$
$5,000
$
$0
$
6.5%
%
7.0%
%
Loan Summary
Monthly Payment
$634.92
Vehicle Price$35,000
Sales Tax (7%)$2,450
Down Payment-$5,000
Loan Amount$32,450
Loan Term60 months (5.0 yrs)
Interest Rate6.5% APR
Total Interest$5,645
Total Cost$43,095
Payment Breakdown
Principal ($32,450)Interest ($5,645)
Key Insights
- 20/4/10 Rule: Aim for 20% down ($7,000), a 4-year loan or less, and keep total car costs under 10% of your gross monthly income.
- Shorter Term Savings: Choosing a 36-month term instead of 60 months could save you $2,291 in interest.
- GAP Insurance: With a 14% down payment, consider GAP insurance to cover the difference if your car is totaled.
Frequently Asked Questions
Common questions about auto loans and car financing
Disclaimer
This calculator provides estimates for informational purposes only and does not constitute financial advice. Actual loan terms, interest rates, and payments may vary based on your credit profile, lender policies, and other factors. Sales tax calculations are simplified and may not reflect your exact local tax situation. Always consult with a qualified financial advisor or lender before making financing decisions. Warren AI is not a lender and does not guarantee any loan terms or rates.