🚗 Car Loan Calculator

Calculate monthly car loan payments, total interest, and affordability for your auto purchase.

❓ Car Loan FAQs

What is a good interest rate for a car loan?

As of 2024, good car loan rates range from 4-7% for new cars with excellent credit (720+). Used car rates are typically 1-2% higher. Rates vary based on credit score, loan term, and whether the car is new or used.

How much car can I afford?

Financial experts recommend keeping your total car payment (including insurance) under 15-20% of your monthly take-home pay. For a $4,000 monthly income, aim for a car payment under $600-800/month.

Should I put 20% down on a car?

A 20% down payment is recommended to avoid being underwater on your loan (owing more than the car is worth). This also reduces your monthly payment and total interest paid. Minimum down payments are typically 10-15%.