Use this used car loan calculator to estimate your monthly payments over the life of your loan.
Enter the price of the vehicle, your down payment, any trade-ins you may have, and the loan details to get an estimated cost.
You can make adjustments to the loan term and interest rate to see what type of financing terms will work best for your budget.
Figuring out what your monthly payment on a used car will be is a great way to start shopping for another vehicle. Small adjustments to the numbers above can have a significant impact on the interest you’ll pay over the life of the loan.
Be sure to select financing that matches your needs and your budget.
The estimated monthly payment above is for informational purposes only and does not include taxes, tag, and title fees or insurance premiums.
How To Calculate Your Monthly Used Car Payment
In order to calculate your estimated monthly used car payment, you’ll need to know a few basic numbers, including:
- The total loan amount (the price of the used car minus your down payment and any trade-ins or incentives).
- The APR (annual percentage rate) or interest rate. (i.e. the cost of borrowing)
- The loan term (how many months you will be repaying the loan over).
Those numbers will give you the total principal and interest for the used car loan, which you’ll then divide by the length to get your estimated monthly payments.
You can play around with numbers in the calculator above to figure out what sort of financing will make the most sense for your budget.
We’ll break down each of the fields in the calculator above so you can better understand what goes into your monthly payment calculation.
|Used Car Loan Variables||Description|
|Purchase price of the used car||Final sale price of the vehicle.|
|Down payment||The cash you’ll put down to pay up front.|
|Trade-in value||The cash value of a trade-in vehicle you have to sell to a dealership.|
|Interest Rate||The APR of the loan. Rates offered can vary based on a variety of factors.|
|Loan Term||The length, in months, of the loan. This describes the number of monthly payments you’ll be making until the loan is paid off.|
Other fees to consider when financing a used car:
|Dealership and Document Fees||Dealerships will charge extra fees for document preparation and signing. These are generally one-time fees when making the purchase.|
|State and Local Taxes||Most states have state and local sales/use taxes when buying a used car. Annual taxes may also apply when you renew your registration.|
|License Plate and Title Fees||Tag and title fees are paid to the state DMV in order to register the vehicle in your name. These are renewed annually in most states.|
|Insurance premiums||Finally, you’ll need to consider the cost to insure the used car. Many lenders will require you to maintain full coverage (comprehensive and collision) for the duration of the loan term.|
Whether you’re buying or selling a used car, VINvaquero.com has the free tools and resources to help get your started. Check them out below!
- VIN Decoder
- Vehicle History Reports
- License Plate Lookup
- Bill of Sale Template
- Crash Safety Ratings
- Car Seller’s Guides
- Car Buyer’s Guides
- Loans & Financing