Calculate your auto loan payments and total cost of car ownership including taxes, fees, and trade-in value.
Enter car details to calculate your monthly payment and total cost of ownership.
For new cars, aim for 20% down payment. For used cars, 10% is acceptable. A larger down payment reduces your loan amount, monthly payments, and total interest paid over the life of the loan.
Longer terms mean lower monthly payments but significantly more interest paid overall. You may also end up owing more than the car is worth. Generally, 4-5 years is optimal for balancing payment size and total cost.
Beyond the loan payment, budget for insurance, gas, maintenance, repairs, registration fees, and depreciation. These ongoing costs can add $300-800+ monthly depending on the vehicle and your driving habits.