Car Loan Calculator
Monthly Car Payment
Calculate monthly payment for a car loan
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How Much Car Can I Afford?
Determine vehicle budget from desired monthly payment
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Formula
M = P × r(1+r)^n / ((1+r)^n - 1)
Frequently Asked Questions
What is a good interest rate for a car loan?
As of 2024, good rates are 4-7% for new cars and 6-10% for used cars with good credit. Rates vary by credit score, lender, and loan term. Credit unions often offer lower rates.
How much should I put down on a car?
A common recommendation is 20% for new cars and 10% for used. A larger down payment lowers your monthly payment and total interest, and helps avoid being 'underwater' on the loan.
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