Vehicle Loan Calculator
Our calculator can help you estimate the monthly vehicle loan payment. Enter some basic information to get started.
Legal Disclosure
The Athletes Financial vehicle loan calculator is for estimation purposes only. Results do not reflect any specific loan programs are subject to individual program loan limits. Qualification, rates and payments will vary based on timing and individual circumstances. This is not a commitment to lend.
Using this Calculator
What’s the purpose of a Vehicle Loan calculator?
Our vehicle loan calculator can help you estimate your monthly vehicle loan payment. This calculator estimates how much you’ll pay for principal and interest. You can also opt to include trade-in, down payment, and loan fees in this payment estimate.
How do I use this calculator?
Start by providing the vehicle price, fees, trade-in value, sales tax rate, down payment amount, loan term, and interest rate. Then, you will see the total amount to be financed, as well as what your monthly payment will look like based on the numbers you provided.
Adding different information to the mortgage calculator will show you how your monthly payment changes. Feel free to try out different down payment amounts, loan terms, interest rates and so on to see your options.
Adding different information to the calculator will show you how the financial impact of your decision changes. Feel free to try out different down payment amounts, loan terms, interest rates and so on to see your options.
Understanding Vehicle Loans
What is a Vehicle Loan?
A vehicle loan is a loan from a bank or financial institution that helps you purchase a vehicle.
When you get a vehicle loan, the lender pays for the cost of the vehicle upfront for you. In exchange, you agree to pay the lender back with interest, over a set period of time.
What is a down payment?
A down payment is money you pay at closing to decrease the total size of the loan. The down payment represents your equity in the vehicle at the time of purchase.
How much do I need to put down?
A down payment of 20% or more will get you the best interest rates and the most loan options. But you don’t have to put 20% down to buy a house. There are a variety of low-down-payment options available for home buyers. You may be able to buy a home with as little as 3% down, although there are some loan programs (such as VA loans and USDA loans) that require no money down.
What is a loan term?
The term is the length of time you spend paying off the loan. The most popular loan term is the 36-month term. The terms available to you will depend on your financial situation and the type of loan you choose.
Should I choose a long or short loan term?
It depends on your budget and goals. A shorter term will allow you to pay off the loan quicker, pay less interest and build equity faster, but you’ll have a higher monthly payment. A longer term will have a lower monthly payment because you’ll pay off the loan over a longer period of time. However, you’ll pay more in interest.
What is an interest rate?
Interest is the fee you pay to your mortgage company to borrow the money. The interest you pay is based on a percentage of the remaining loan amount. This percentage is the interest rate.
What determines my interest rate?
There are several factors that determine your interest rate, including offers from vehicle company’s at the time of purchase, your loan type, loan amount, down payment amount and credit history. Interest rates are also determined by market trends.