Car Loan Calculator
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Current Auto Loan Rates
| Lender | Minimum APR | Loan Amount | Loan Term |
|---|---|---|---|
 | 4.49% | $500-$150,000 | 36-84 months |
 | 4.50% | From $12,000 | 12-84 months |
 | 4.54% | $250-$500,000 | 36-96 months |
 | 5.54% | $5,000-$500,000 | 12-84 months |
 | 5.54% | From $7,500 | 24-84 months |
 | 5.74% | Up to $500,000 | 36-84 months |
 | 5.99% | From $4,000 | 36-72 months |
 | 6.19% | From $4,000 | 12-84 months |
 | 6.29% | From $7,500 | 48-72 months |
 | 6.34% | $7,500-$75,000 | 12-72 months |
FAQs
What is auto loan interest?
Auto loan interest is the additional cost that borrowers pay for borrowing money to purchase a vehicle. It is expressed as an annual percentage rate (APR) and is based on the loan amount, interest rate, and loan term. The interest rate is the monthly payment.
How much can I borrow for a car loan?
The amount a borrower can get for their loan depends on various factors such as credit score, income, debt-to-income ratio, and the value of the vehicle. Lenders typically allow borrowers to borrow up to 100% of the vehicle's value, though some may allow up to 110% or more to cover taxes and fees.
How much should I save for a down payment?
The recommended down payment for buying a car is typically 20% of the vehicle's purchase price for new cars and 10% for used cars. However, the actual amount depends on the terms of your loan agreement. Some lenders may allow lower down payments, while others may require higher amounts.
Can I pay more than my monthly payment?
Yes, you can typically pay more than your monthly payment. Making extra payments can help you pay off your loan faster and save money on interest over the life of the loan.
What is the minimum credit score required for a car loan?
The minimum credit score required for a car loan varies among lenders, but generally, a score of 600 or higher is considered acceptable. However, a higher credit score can help you qualify for better loan terms and interest rates.
