Calculate your maximum affordable car price or estimate monthly payments
Our Car Affordability Calculator helps you determine how much car you can afford based on your monthly budget, or conversely, what your monthly payment will be for a given car price. It factors in the loan term, interest rate, down payment, and trade-in value to give you a complete picture of your auto financing costs, including total interest paid over the life of the loan.
Understanding the total cost of a car loan is essential for making a sound financial decision. A lower monthly payment may seem attractive but could mean a longer loan term and more interest paid overall. Use this calculator to find the right balance between monthly affordability and total cost.
APR depends on your credit score, the loan term, and current market rates. As of 2025, borrowers with excellent credit (720+) might get rates around 4-7% for new cars, while those with lower credit may see 8-15% or higher. Used car loans typically have slightly higher rates than new car loans.
A larger down payment reduces your loan amount, monthly payment, and total interest paid. A down payment of at least 20% is recommended to avoid being upside-down on your loan (owing more than the car is worth). Higher down payments also improve your chances of loan approval.