Auto Loan Payment Calculator
Calculate monthly payments for auto loans on new and used vehicles. Compare different loan terms and down payments to find the best option.
Current Auto Loan Rates
| Credit Score | New Car | Used Car |
|---|---|---|
| 750+ | 5.0% | 6.5% |
| 700-749 | 6.5% | 8.0% |
| 650-699 | 9.0% | 11.0% |
| 600-649 | 12.0% | 15.0% |
| Below 600 | 15%+ | 18%+ |
Monthly Payment Examples
| Vehicle Price | Down Payment | APR | Term | Payment |
|---|---|---|---|---|
| $30,000 | $5,000 | 6% | 60 mo | $484 |
| $25,000 | $3,000 | 7% | 48 mo | $527 |
| $40,000 | $8,000 | 5% | 72 mo | $512 |
Implementation
``javascript
function calculateAutoLoan(vehiclePrice, downPayment, tradeIn, apr, months) {
const loanAmount = vehiclePrice - downPayment - tradeIn;
const monthlyRate = apr / 100 / 12;
const payment = loanAmount *
(monthlyRate * Math.pow(1 + monthlyRate, months)) /
(Math.pow(1 + monthlyRate, months) - 1);
return { loanAmount, payment, totalInterest: (payment * months) - loanAmount };
}
``