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A Simple Car Loan Calculator

Before you decide on a car, you have to know your price range. Use our calculator before you shop, and you will have a good idea of what you can afford now.

This page:

• Offers a free car loan calculator for you to use

• Explains how best to take advantage of this and other online tools

Get the lowest auto loan rates:

Capital One Auto Finance offers the lowest auto loan rates in the country, for people with all types of credit ratings.

Apply with Capital One whether you are buying a new or used car, or even if you are buying from an individual. Whatever your choice, you will save thousands.

Auto loans
Click here for your quote


If you have poor or no credit, click here to apply for special financing.

How to calculate your borrowing capacity

This is one of the most convenient online tools we've found, because it lets you try out different payment, term, and principal combinations until you find one that suits your needs. It also computes your total payments and total interest bill, and even provides an amortization schedule of your loan. Here's how it works:

Fill out three of the following four factors:

• principal amount

• monthly payment amount

• length of the loan, in months

• interest rate

and solve for the fourth factor.

Click here to start

What you can enter and/or solve for:

Principal amount. Fill in the price you've been quoted (or expect to pay). If you're buying new, give yourself some cushion if you'd like to include taxes and fees in your principal. If you're looking to see how much car you can afford, leave this space blank.

Monthly payment. Fill in an amount you'd be comfortable putting towards a car payment each month. Try to avoid filling in the maximum or minimum you'd pay, but rather a number that fits your budget well.

Loan term. Fill in the length of the loan you intend to apply for. Car loans are generally available for 12, 24, 36, 48, 60, and 72 month terms. If you want to find out how long it will take you to pay off your car, fill in the other info and leave this blank.

Interest rate. Unless you've already been approved for a loan, you'll have to guess here. Interest rates vary from around 5% to 8% right now, for excellent to fair credit borrowers. (Try 5% for excellent, 6% for good, 8% for fair.) Borrowers with poor credit may have to pay 10%, and those with very poor credit may have to pay up to 20%.

Click here to start

More tips on getting the numbers right

Our calculator is intended to give you an estimate of what you should plan for when you apply for a loan. Give yourself some leeway on loan amount and interest rate if you haven't already been approved.

Good online lenders always provide similar financial tools, so you can recalculate different loan features once you've been approved.

And the lender we recommend, Capital One, will allow you to adjust your loan term once you've been approved (a fast and free process). Nothing is set in stone.

Read more about Capital One, the nation's largest online car loan provider, or apply with them now.