Online Car Loan Payment Calculators | Refinance Car Loan | Car Loan Calculator Amortization
Car Loan Payment Calculators
Use our free car loan calculators to estimate your monthly car payment, total loan cost, and interest payments over time. These tools help you understand how loan amount, interest rate, and loan term affect your monthly payment and total financing cost.
Our calculators allow you to:
- Estimate your monthly car payment
- Calculate total interest paid over the life of a loan
- Generate a car loan amortization schedule
- Estimate the impact of vehicle sales tax, dealer fees, and trade-in value
- Calculate a car loan with extra payments to reduce interest and shorten your loan term
- Compare two loans: current vs refinanced loan option to see how much you can save
These calculators are useful when comparing financing options for new or used vehicles and planning your car purchase budget.
Our Car Loan Calculators:
Car Loan Calculator – Simple
The Simple Car Loan Calculator quickly estimates your monthly auto loan payment based on three inputs:
- Loan amount
- Interest rate (APR)
- Loan term
This calculator also generates a car loan amortization schedule showing how each payment is applied to principal and interest over time. You can also copy, print, or download the amortization schedule to review or compare different loan scenarios.
Car Loan Calculator – Trade-in
This Advanced Car Loan Calculator with Trade-in includes additional fields to provide a more detailed and realistic vehicle financing estimate.
Additional inputs include:
- Vehicle trade-in value
- Manufacturer rebates or incentives
- Vehicle sales tax
- Dealer fees
- State of vehicle registration
When you select your State of Registration, the calculator will automatically load the current state vehicle sales tax rate. Because tax rules vary by state and locality, you should confirm the final tax rate with your state Department of Revenue or your vehicle dealer.
Local sales tax rates on vehicle purchases can vary significantly depending on your city or county. For the most accurate estimate, check your local tax jurisdiction using your home address.
If you need an estimated vehicle trade-in value, the advanced car loan calculator. Access a free vehicle trade-in value lookup tool powered by CARFAX.
Car Loan Calculator – Refinancing
Looking to refinance a car loan? This Refinancing Car Loan Calculator allows you to:
- Compare two loans: current vs refinanced loan option
- Compare monthly amortization schedules side-by-side
- See how much refinancing reduces total interest
- Calculate the new loan payoff date
Car Loan Calculator – Extra Payments
This Extra Payments Car Loan Calculator allows you to:
- Compare two loan scenarios with monthly extra payments
- See how extra payments reduce total interest
- Estimate the new loan payoff date
- View monthly amortization schedule
Amortization Schedule Spreadsheet Template
You can also download a free car loan amortization spreadsheet template to analyze the impact of extra principal payments using your own customized schedule.
To use the template:
- Make a copy of the spreadsheet to use in Google Sheets, or
- Download the file to use in Microsoft Excel.
The spreadsheet allows you to test different extra payment scenarios to see how they affect your car loan payoff timeline.
FAQ
Yes. If you plan to make regular monthly extra payments, then use our Car Loan Calculator for Extra Payments, then generate an amortization table.
However, if you plan to make extra payments on a non-monthly schedule, please use our free template:
Car Loan Amortization w/ Extra Payments (Google Sheets Template)
While long-term loans do lower your monthly payment, cars depreciate very quickly. So, you can run the risk of becoming “upside down” on your loan, meaning you owe more on the loan than the car is worth.
When Does Refinancing a Car Loan Make Sense?
Refinancing a car loan can help you lower your interest rate, reduce your monthly payment, or pay off your loan faster. In many cases, refinancing costs are relatively low—often $0 to a few hundred dollars to cover title transfer or registration fees.
Refinancing may make sense in the following situations:
You qualify for a lower interest rate.
If your credit score has improved or market interest rates have dropped since you took out your original auto loan, refinancing could reduce your total interest cost.
You want a lower monthly payment.
Extending the loan term can reduce your monthly payment and improve short-term cash flow. However, a longer term may increase the total interest paid over time.
You want to pay off your loan faster.
Refinancing to a shorter loan term may increase your monthly payment but can significantly reduce the total interest paid and help you become debt-free sooner.
You plan to keep the vehicle long enough to recover the refinancing cost.
Even small refinancing fees should be considered. If the monthly savings from refinancing exceed the cost of refinancing, you will reach a break-even point, after which the refinance begins saving you money.
Use our Car Loan Refinance Calculator to estimate:
- Monthly payment savings
- Total interest savings
- Break-even point for refinancing
- Total cost of each loan scenario
This can help you determine whether refinancing your car loan will actually save you money.
To refinance a car loan, lenders typically evaluate several factors related to your creditworthiness, vehicle value, and existing loan balance. While requirements vary by lender, most borrowers must meet the following criteria.
1. Adequate Credit Score
Most lenders require a credit score of around 600–660 or higher to qualify for refinancing. Borrowers with credit scores above 700 generally receive the best interest rates.
If your credit score has improved since you originally financed your vehicle, refinancing may help you secure a lower interest rate and reduce total interest costs.
2. Positive Vehicle Equity
Lenders often require the vehicle to have positive or near-positive equity, meaning the car is worth at least as much as the remaining loan balance. If the loan balance is significantly higher than the vehicle’s value, refinancing may be difficult. Estimate car value with CARFAX.
3. Vehicle Age and Mileage Limits
Most lenders place limits on vehicle age and mileage. Common requirements include:
- Vehicle less than 8–10 years old
- Mileage under 100,000–150,000 miles
These limits help ensure the vehicle still has sufficient value as collateral for the loan.
4. Loan Payment History
Lenders typically look for a consistent payment history on the existing auto loan. Having several months of on-time payments can improve your chances of approval.
5. Minimum Remaining Loan Balance
Many lenders require a minimum remaining balance—often $5,000 to $7,500—to refinance an auto loan.
Determine Whether Refinancing Will Save You Money
Even if you qualify, refinancing only makes sense if the new loan reduces your total loan cost or monthly payment.
Use our Car Loan Refinance Calculator to compare loan scenarios, estimate monthly savings, and calculate the break-even point for refinancing.
Many lenders allow borrowers to refinance as soon as the original loan is established, which may be within a few months of the initial financing. However, refinancing usually makes the most sense after:
- Your credit score has improved
- Interest rates have dropped
- You have built some equity in the vehicle
Before refinancing, use our Refinancing Car Loan Calculator to compare your current loan with the new loan terms and calculate the break-even point to make sure refinancing will actually save you money.