Car Loan Repayment Calculator 2026
Calculate monthly repayments on a car loan in the United States. Enter your loan amount, interest rate, and term in years. Shows monthly repayment, total interest paid, and total cost of the loan.
Buying a car? Know your monthly payment before you walk into the dealer.
APR includes fees, so it runs higher than the base rate. Check your lender's full disclosure.
Amortization formula for fixed-rate loans
The amortization formula
Monthly payment = Loan × [r(1+r)^n] ÷ [(1+r)^n − 1], where r = monthly interest rate (annual ÷ 12) and n = total months. On a $25,000 car loan at 7% for 5 years: n = 60, r = 0.00583. Monthly payment ≈ $495. In early months, most of each payment is interest; later, more goes to principal.
Monthly repayments at common loan sizes and rates
| Loan amount | 5yr @ 7% | 5yr @ 10% | 5yr @ 15% |
|---|---|---|---|
| $10,000 | $198 | $212 | $238 |
| $15,000 | $297 | $319 | $357 |
| $20,000 | $396 | $425 | $475 |
| $25,000 | $495 | $531 | $594 |
Frequently askedFrequently asked questions
What is the difference between interest rate and APR for car loans?
The interest rate is the base cost of borrowing. The APR includes the interest rate plus most fees (origination fee, documentation fees) expressed as a single annual rate, enabling like-for-like comparisons. Under US law (the Truth in Lending Act and Consumer Financial Protection Bureau rules), lenders must display the APR alongside the advertised rate.
Secured vs unsecured car loan in the United States?
A secured car loan uses the vehicle as collateral, allowing lower interest rates (typically 5–9% per year for good credit). The lender can repossess the car if you default. An unsecured car loan (personal loan for car purchase) carries higher rates (8–15%+) but the lender has no claim on the vehicle. For new or near-new vehicles, secured loans almost always offer better rates.
Where these figures come from
The rate ranges and consumer-credit rules on this page come from the Consumer Financial Protection Bureau (CFPB) for auto-loan and Truth in Lending disclosure, the Federal Reserve for average auto-loan interest-rate data, and the Federal Trade Commission (FTC) for car-financing guidance.
- Shopping for and managing an auto loan — CFPB — Auto Loans.
- APR & the Truth in Lending Act (Regulation Z) — CFPB — Consumer Financial Protection Bureau.
- Average new-car loan interest rates — Federal Reserve — Consumer Credit (G.19).
- Financing or leasing a car — FTC — Financing or Leasing a Car.
Last checked: July 2026. Auto-loan rate ranges are reviewed against the Federal Reserve G.19 consumer-credit release, which is updated monthly.
Select the question that matches where you are right now.
Your result shows the monthly payment, total interest, and total cost for the car loan you entered — based on the standard amortization formula US lenders use for fixed-rate auto loans.
Use this as a planning figure. Compare different vehicle prices, down payments, APRs, or loan terms to see how each changes the monthly payment and total interest. Switch to Standard or Advanced mode for more detail.
Not a loan approval, quote, or guarantee. Lenders apply their own credit checks, pricing, and dealer markups beyond what any calculator can model.
Calculations use the standard amortization formula and the APR and term you enter. All processing runs in your browser — the calculator code does not submit your figures to GlobalCalc to obtain a result.
Car-loan cost is most sensitive to the APR, the loan term, and the amount financed. Small changes to these produce the largest shifts in your monthly payment and total interest.
Your credit score drives your APR. Moving from a fair tier (13–18%) to an excellent tier (7–8%) on a $25,000 loan can save several thousand dollars over five years. Even a 1% difference is worth hundreds.
A longer term lowers the monthly payment but increases total interest and the time you spend underwater. 48 months is ideal; 72–84 months costs far more overall. Model both in Advanced mode.
A larger down payment or trade-in reduces the amount financed, your monthly payment, and total interest. The 20/4/10 rule suggests 20% down, a 4-year term, and keeping total transport costs under 10% of income.
To lower your car-loan cost, focus on the inputs with the highest leverage — these typically save more than shopping for a slightly cheaper car.
A larger down payment lowers the amount financed, cuts total interest, and helps you avoid being upside-down. Even an extra $2,000–$3,000 down noticeably shifts the cost picture.
Your credit score sets your APR band. Paying down card balances and fixing report errors before you apply can move you into a lower rate tier and save thousands over the loan.
Get pre-approved by your bank or a credit union before visiting the dealer. Credit unions often price 1–3% below banks, and a written pre-approval gives you leverage on the dealer's finance offer.
A car purchase involves several linked decisions. Use the related calculators to model the full picture before you sign.
Confirm how much a lender is likely to approve based on your income, debts, and expenses.
Borrowing capacity →Make sure the loan payment, insurance, gas, and maintenance all fit your monthly budget.
Budget planner →See the monthly payment and total interest at different rates and terms.
Loan repayment →