Car Loan Calculator
Calculate monthly car loan payments, total interest and true cost of financing a vehicle.
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Frequently Asked Questions
What is a good interest rate for a car loan in 2026?
Average car loan rates in 2026: new car excellent credit 5-6%, good credit 7-9%, fair credit 10-15%, poor credit 15-20%+. Used car rates run 1-3% higher. Credit unions typically offer rates 1-2% lower than banks. Always get pre-approved before visiting a dealer to negotiate from a position of strength.
Should I put more money down on a car loan?
A larger down payment reduces your loan amount, monthly payment and total interest. Aim for at least 20% down on a new car to avoid being underwater (owing more than the car is worth). With 0% or low promotional rates, a smaller down payment can make sense — invest the difference instead.
What is the best car loan term length?
Shorter terms (36-48 months) cost less in total interest but have higher monthly payments. Longer terms (72-84 months) have lower payments but much higher total cost and risk being underwater on the loan. Most financial advisors recommend no more than 60 months for new cars and 48 months for used.