Car Loan Calculator — Monthly Payment & Total Interest
Buying a car on finance? See your exact monthly payment and total interest across different loan terms — so you know what you're really paying for that vehicle.
Loan Calculator
How It Works
A $30,000 car loan at 6.5% APR for 60 months (5 years) gives you a monthly payment of roughly $587.
Over 5 years you'll pay about $5,215 in interest — making the true cost of the car $35,215.
Shorter terms save significant interest: the same loan at 36 months pays $615/month but only $2,150 in interest.
Used car rates are typically 0.5–1% higher than new car rates, and terms beyond 72 months often carry penalty APRs.
Frequently Asked Questions
What's a good interest rate on a car loan in 2024?
New cars: 5–7% for good credit (720+). Used cars: 6–9%. Credit scores below 660 push rates to 10–15%, above 780 can qualify for 2–4%.
36, 48, 60, or 72 month car loan?
60 months is the sweet spot — manageable payment without excessive interest. 72 months adds ~$900 in extra interest on a $30k loan. Never go 84 months unless absolutely necessary.
How much car can I afford?
The 20/4/10 rule: 20% down, 4-year term max, payment+insurance under 10% of gross income. By this rule, an $80k salary supports a ~$35k car.