Schedule an appointment. Return to your accounts. Enter a total loan amount into this auto loan calculator to estimate your monthly payment, or determine your loan amount by car price, trade-in value and other factors. Adjust the loan term, down payment amount and interest rate to see results based on the numbers you provide — and how any changes to those numbers may affect your payment.
Results shown are for CA. Change your state The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisers. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Bank of America, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product.
The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation. The annual percentage rate, or APR, which includes the interest rate. You could waste a lot of money by focusing only on the monthly payment and ignoring your total financing costs.
For example, take a look at how two vastly different loans can result in the same car payment. Also keep in mind that the interest rate on your auto loan will depend on your credit score and other factors. Lower credit scores generally result in higher rates. Additionally, while many people take out a longer loan to get a more affordable car payment, they often end up paying considerably more in interest over the life of the loan.
NerdWallet recommends loans of no more than 36 months for used cars and 60 months for new cars. And while most financial experts recommend economizing on auto expenses, if upgrading your ride is important to you, go for it — as long as the total budget remains balanced. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile.
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Use our car loan calculator to see what your monthly payment might look like—and how much interest you would pay over the life of the loan. To use the car loan calculator, enter a few details about the loan, including:. After you enter the details, the auto loan payment calculator automatically displays the results, including the dollar amounts for the:. Use the auto loan calculator before you head to the car lot so you'll be ready to find a car that fits your budget and negotiate the best deal.
An auto loan calculator shows the total amount of interest you'll pay over the life of a loan. If the calculator offers an amortization schedule , you can see how much interest you'll pay each month.
With most car loans, part of each payment goes toward the principal the amount you borrow , and part goes toward interest. The car loan calculator is a tool that does more than just show you a monthly car loan payment. Use it to compare lender offers and try different interest rates and loan terms. The knowledge you gain can help you negotiate with lenders and dealers and ultimately choose the best auto loan for your financial situation.
If you know what you can afford each month, a reverse auto loan calculator can tell you how that translates into the total amount you can borrow. Of course, there are variables: the length of the loan and the interest rate you get. Below you can see how your loan amount changes by moving the sliders for payment and loan term. We've provided average rates by credit tier as determined by Experian Automotive. How to use the car loan calculator.
A few additional tips about using the car loan calculator. Reverse auto loan calculator. Your Car-Buying Cheat Sheet.
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