Longer terms cost more
Stretching a loan from 60 to 72 or 84 months lowers the monthly payment but adds months of interest, so the total interest grows. The table under the result compares common terms at your rate.
Down payment and trade-in
Anything you pay up front, including your trade-in value, reduces the amount financed and therefore the interest. Enter them together in the down payment box.
Formula
Payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), with P the amount financed, r the APR ÷ 12 and n the number of months.
What is not included
Sales tax, title and registration, dealer fees and insurance are not included. Ask the dealer for the out-the-door price and enter that as the car price for a closer estimate.