Get your estimated new or used car loan payment
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Your monthly payment would be
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You may be able to afford a loan amount up to
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Loan term shortened by
Total interest saving
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Annual fuel savings with the new car
*APR is the Annual Percentage Rate or the cost of your credit at a yearly rate.
**Not including taxes and fees.
Using the calculator
A car loan calculator gives you an idea of what car and loan you can afford if approved for financing, but remember, these calculations are estimates only. Here are some tips for using the calculator:
- When entering the price of a vehicle, keep in mind that there are additional expenses on top of the price you negotiate at the dealership, including sales tax, title, registration and other fees. If you know what your sales tax and fees are likely to be, adding these to the vehicle price will provide a more accurate calculation.
- A down payment, trade-in amount or both together can reduce the cost of a car purchase and associated financing costs. Money down will be a requirement in some cases, particularly if you have bad credit.* If you have a car to trade, look up its trade-in value at sites such as NADAGuides.com and KBB.com in order to enter an up-to-date figure.
- For loan duration, it’s helpful to know that, all other things being equal, a longer loan will reduce your monthly payment while a shorter loan will increase it. Lengthening the term, however, will also lead to a higher interest charge over the life of the loan.
- Finally, the APR a lender may offer on an auto loan is affected by a range of criteria, such as market rates, a consumer’s credit score, down payment and the loan-to-value ratio for the vehicle. Improving your credit score or applying with a co-applicant are two ways to improve your chances of loan approval and, if approved, getting a lower rate.
Understanding your car payment
Now you have an estimated auto payment you’ll have a better sense of what kind of new or used vehicle loan could work for you. Is your payment too high? Do you have more room for an auto payment in your budget? Adjust the terms to see how the figure changes.
While the monthly amount is important, also think carefully about the total cost of the purchase and how much you would pay in total interest charges.
A quick loan decision
When you’re ready to apply, RoadLoans makes it easy. Our online form takes a few minutes to complete and we provide instant decisions. We accept applications from consumers with a broad range of credit, including bad credit, and approved applicants receive multiple offers tailored to their needs.
Got the green light? Visit your preferred dealership nearby or use our dealer locator to find another.
Apply for a car loan online.
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* “Bad” or “poor” credit generally is considered a FICO score around 600 and below by sources including the Consumer Federation of America and National Credit Reporting Association (reported by the Associated Press), Bankrate.com, Credit.com, Investopedia, NerdWallet.com and others. The Congressional Budget Office identifies a FICO score of 620 as the “cutoff” for prime loans. FICO scores are not the sole factor in lending decisions by RoadLoans.com and Santander Consumer USA.