Auto Loan Guide

An auto loan finances a vehicle purchase over a fixed term. Your payment depends on price, down payment, loan term, APR, and fees.

Key inputs

• Vehicle price: The purchase price before fees.
• Down payment: Cash paid upfront.
• APR: Annual interest rate.
• Term: Length of the loan in months.
• Fees & taxes: Registration, dealer fees, sales tax.

How to read the results

The monthly payment includes fees and taxes. Total cost adds your down payment plus all payments over the term.

Ways to save

• Shorter terms reduce total interest.
• Pre-approval can lower your APR.
• Larger down payments reduce loan size.

Common pitfalls

• Focusing only on monthly payment (term may be too long).
• Forgetting taxes/fees.
• Paying for add-ons rolled into the loan.

This guide is educational and not financial advice.