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Frequently Asked Questions
How is my monthly auto loan payment calculated?
Your monthly payment uses the standard amortization formula: M = P × [r(1+r)n] / [(1+r)n – 1], where P is the loan amount (vehicle price minus down payment minus trade-in), r is the monthly interest rate, and n is the total number of monthly payments.
What is a good interest rate for a car loan?
As of 2025, good auto loan rates for new cars range from about 4% to 7% APR for borrowers with good credit (700+). Used car rates are typically 1-2% higher. Your actual rate depends on your credit score, loan term, and lender.
Should I make a down payment on a car?
Yes. A down payment of at least 20% for new cars or 10% for used cars reduces your loan amount, lowers monthly payments, and helps avoid being upside-down on the loan. It may also help you qualify for a better interest rate.
How does trade-in value affect my auto loan?
Your trade-in value is subtracted from the vehicle price (along with your down payment) to determine the loan amount. A higher trade-in value means a smaller loan, lower monthly payments, and less total interest.
Is a longer or shorter loan term better?
Shorter terms (36–48 months) have higher monthly payments but far less total interest. Longer terms (60–84 months) are easier on cash flow but cost significantly more overall. Choose the shortest term you can comfortably afford.