Car Payment Calculator
Estimate monthly car payments based on price and terms.
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Calculate
Car Payment Calculator
Estimate monthly car payments based on price and terms.
$
$
20% Down PaymentRecommended: 20%
$
%
Typical car loan rates: 4-8% (good credit), 8-14% (fair credit): 4-8%
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Buy vs Lease
Buying
- ✓You own the car outright when the loan is paid off
- ✓No mileage restrictions or wear-and-tear penalties
- ✓Freedom to customize or modify the vehicle
- ✓Build equity that can be used as trade-in value
Leasing
- ✓Lower monthly payments than buying
- ✓Drive a new car every 2-3 years
- ✓Usually covered under manufacturer warranty
- ✗You never own the car - must return it at lease end
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Tips for Getting the Best Car Loan Rate
1
Improve Your Credit Score
A higher credit score can qualify you for significantly lower interest rates.
2
Make a Larger Down Payment
Putting down 20% or more reduces your loan amount and may get you better rates.
3
Shop Around for Rates
Compare offers from banks, credit unions, and online lenders to find the best rate.
4
Consider a Shorter Loan Term
A 36 or 48-month loan typically has lower rates than 60 or 72-month loans.
Frequently Asked Questions
Frequently Asked Questions
faq.whatIsGoodDownPayment
faq.whatIsGoodDownPaymentAnswer
faq.shouldFinanceOrPayCash
faq.shouldFinanceOrPayCashAnswer
faq.whatAffectsCarLoanRate
faq.whatAffectsCarLoanRateAnswer
faq.canTradeInWithLoan
faq.canTradeInWithLoanAnswer
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