- Total amount of the loan
- Annual interest rate
- Loan term*(typically 36, 48, 60, 72, 84 months)
The calculator instantly generates an estimated monthly payment amount as you input the basic loan information.
2. Optional Extra Information**
- Down payment
- Trade-in value (if applicable)
Entering all the above allows you to see the total amount financed on the car (the amount of the loan minus the down payment and any trade-in credit) and the total cost of the loan.
3. Compare to Bank Offers
Once you've crunched the numbers on your own, compare your calculations with the rates, terms, and monthly payment amounts that you've received from banks or credit unions.
Note that the estimated monthly payments generated by the calculator don't include any add-ons you might face while financing a vehicle. This could include GAP coverage, extended warranties, or prepaid maintenance packages, which can increase your monthly payments.
