Car Loan
Calculator

See exactly what your car loan costs you — monthly payment, total interest, and total cost. Powered by real Federal Reserve rate data.

Loan details
$24,000
$5,000$100,000
7.52%
1%Nat. avg: 7.52%25%
Monthly payment
$481
per month for 60 months
Loan amount$24,000
Interest rate7.52%
Loan term60 months (5.0 years)
Total interest$4,868
Total cost of loan$28,868

Based on FRED data (Feb 2026). National avg. 60-mo new auto rate: 7.52%.

Rate comparison tool

Good rate vs. bad rate

On a $50,000 car loan — see exactly how much your APR costs you. Adjust below.

Loan$50,000
High% APR
vs
Low% APR
High rate
11.00%
e.g. dealership financing
Monthly payment
$1,087
Total interest paid
$15,227
Total loan cost
$65,227
Best rate
4.99%
e.g. credit union rate
Monthly payment
$943
Total interest paid
$6,600
Total loan cost
$56,600
Total savings with a lower rate
$8,627
$144/month less · over 60 months
Calculate my loan →
Example scenarios

How much can a lower rate save?

Three example scenarios based on a $30,000 car loan, showing how different rates and terms affect your total cost.

Shortest term
Monthly difference
$57
/month · over 36 months
Higher rate9.6% APR
Lower rate5.49% APR
Payment at higher rate$962/mo
Payment at lower rate$906/mo
Total interest difference$2,039
Most savings
Monthly difference
$66
/month · over 60 months
Higher rate9.6% APR
Lower rate4.99% APR
Payment at higher rate$632/mo
Payment at lower rate$566/mo
Total interest difference$3,931
Lowest APR
Monthly difference
$70
/month · over 48 months
Higher rate9.6% APR
Lower rate4.54% APR
Payment at higher rate$755/mo
Payment at lower rate$685/mo
Total interest difference$3,383

*These are hypothetical examples for educational purposes. Actual rates depend on credit score, lender, and loan terms.

Questions

Common questions

We use the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the loan principal, r is the monthly interest rate (APR ÷ 12 ÷ 100), and n is the number of months. This is the same formula used by banks and lenders.
Our national average rates come from the Federal Reserve Economic Data (FRED) database, specifically the "Finance Rate on Consumer Installment Loans at Commercial Banks" series. This is official Federal Reserve data updated monthly.
As of early 2026, the national average for a 60-month new car loan is around 7.5% APR. Rates below 5% are considered excellent, 5–7% is good, 7–10% is average, and above 10% is high. Your actual rate depends on credit score, loan term, and whether the car is new or used.
Yes — if you can get a lower rate. For example, refinancing a $30,000 loan from 9.6% to 5.5% APR over 60 months saves roughly $75/month or $4,500 total in interest. The bigger the rate drop and the longer the remaining term, the more you save.
Dealers earn a "dealer markup" — a commission on your loan. A lender might offer 5% APR directly, but your dealer quotes 9% and keeps the difference. That's why comparing rates independently can reveal significant savings.
No. This calculator is an educational tool that helps you understand auto loan costs. The calculations are based on standard formulas and publicly available Federal Reserve data. Always consult a financial advisor for personalized advice.