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Car loan
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Monthly payment on a new or used car, including trade-in, taxes, and fees, with a side-by-side look at loan lengths.
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- Amount financed$29,900
- Tax$2,100
- Total interest$5,539
- Total of payments$35,439
- Total cost including cash down$38,439
| Loan length | Payment | Total interest |
|---|---|---|
| 36 months | $922 | $3,287 |
| 48 months | $715 | $4,401 |
| 60 months | $591 | $5,539 |
| 72 months | $508 | $6,700 |
| 84 months | $450 | $7,884 |
Tax rules vary by state: some tax the full price regardless of trade-in, and Georgia charges a one-time title tax (TAVT) instead of sales tax.
How this calculator works
The amount financed is the vehicle price plus tax and fees, minus your trade-in and cash down payment, plus anything still owed on the trade-in. The monthly payment uses the same amortization formula as other fixed-rate loans. The comparison table shows how stretching the loan lowers the payment but increases interest, which is why many buyers aim for 60 months or less.
A worked example
The example is a $35,000 vehicle with a $5,000 trade-in, $3,000 cash down, 7% tax, and $800 in fees. Tax is charged on the price after the trade-in, so it is $2,100. The amount financed is $35,000 plus $2,100 plus $800, minus $5,000 and $3,000, which is $29,900.
At 6.9% for 60 months the payment is $590.65, with $5,539 in interest. Including the cash down, the car costs $38,439. The comparison table shows the same loan at other lengths: 36 months is $922 a month with $3,287 in interest, and 84 months is $450 a month with $7,884 in interest.
How to read your results
"Amount financed" is the number to check against the dealer's paperwork. If theirs is higher, something was added: an extended warranty, a protection package, or a balance carried over from your trade-in.
The comparison table is the heart of this page. The payment drops as the loan gets longer, and the total interest climbs. The result turns to a caution above 60 months, because long loans often leave you owing more than the car is worth for several years.
Common mistakes to avoid
- Negotiating the monthly payment. Agree on the price of the car first. A low payment can hide a long term, a high rate, or added products.
- Rolling an old loan into a new one. If you owe more on your trade-in than it is worth, the difference is added to the new loan, and you start out behind.
- Forgetting the cost of owning. Insurance, fuel, maintenance, and registration can add hundreds of dollars a month on top of the payment.
- Assuming your state taxes the way the example does. Some states tax the full price with no credit for a trade-in. Georgia charges a one-time title tax in place of sales tax.
Common questions
How much should I put down on a car?
A common guideline is about 20% for a new car and 10% for a used one. A larger down payment lowers the payment and helps keep the loan balance below the car's value.
Is a 72 or 84 month car loan a bad idea?
It lowers the payment but costs more interest and keeps you in debt while the car loses value. Many buyers aim for 60 months or less, and choose a less expensive car if the payment does not fit.
Does a trade-in reduce sales tax?
In most states, yes: tax is charged on the price minus the trade-in value. A few states tax the full price. Check your own state's rules.
Disclaimer: This calculator is for education and planning only and is not financial advice. Actual rates, fees, and terms vary by lender and your credit, so confirm the numbers with your lender before you sign anything.
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