🔧 How This Calculator Works

This Auto Loan Calculator helps you estimate your monthly car payment, total interest paid, and the true cost of borrowing, whether you’re buying new, used, electric, or luxury vehicles.

It’s designed to be intuitive, visual, and informative, giving you clarity before stepping into a dealership or applying for a loan.

🚗 Vehicle Type Presets

Quickly select common car types—like a New Sedan or Electric Vehicle—to auto-fill realistic default values for loan amount, APR, and term length. This saves time and sets realistic expectations based on average market data.

💵 Loan Breakdown

Using your loan amount, interest rate (APR), and repayment term, the calculator reveals:

• Estimated Monthly Payment

• Total Interest Over Life of Loan

• Total Loan Cost After Fees

This gives you a clear view of your true cost, including optional inputs like fees, down payments, and vehicle value.

📊 Loan-to-Value Ratio (LTV)

If you input your vehicle price, the tool calculates the Loan-to-Value Ratio (LTV)—a key figure lenders consider.
If your loan exceeds the car’s value, you’ll get a warning that you may be “upside down.”

💳 Credit Score Insight

A tooltip near the APR input explains how credit score bands affect your interest rate:

• Excellent (720+) → ~4.5%

• Good (660–719) → ~6.0%

• Fair (580–659) → ~9.0%

This helps you understand whether your expected APR is fair or high.

📈 Affordability Feedback

After calculation, you’ll see how your monthly payment compares to a $3,500 monthly income.
A smart note tells you if your payment is within the recommended 15% threshold.

👤 Who This Is For

This calculator is perfect for:

• 🚙 Car buyers exploring financing options

• 🧠 Budget-conscious drivers planning a purchase

• 📉 Anyone comparing loan offers or APRs

• 💼 Professionals seeking realistic cost projections

• 💳 Buyers looking to understand how credit affects car financing

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⚠️ Disclaimer

This calculator is provided for educational and informational purposes only and does not constitute tax, legal, or accounting advice. The results are estimates based on current (2024) IRS guidelines and may not reflect your unique financial situation. Always consult with a licensed CPA or tax professional before making financial decisions or purchases based on tax benefits.