💰 Finance
Car Loan Calculator
Calculate your monthly payment and total cost of a car loan including interest.
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Texas state + local: typically 6.25–8.25%
Monthly Payment
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60 months at 7.50% APR
Loan Amount
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Total Interest
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Total Cost
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How car loan payments are calculated
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
M = Monthly payment · P = Loan principal
r = Monthly rate (APR ÷ 12) · n = Number of payments
M = Monthly payment · P = Loan principal
r = Monthly rate (APR ÷ 12) · n = Number of payments
Tips for getting a better rate
- Credit score matters most. A 750+ score can save 3–5% APR vs a 600 score.
- Get pre-approved. Pre-approval from your bank or credit union gives you negotiating power at the dealership.
- Shorter terms cost less. A 36-month loan costs significantly less total interest than a 72-month loan, even at the same rate.
- 20% down. Putting 20%+ down avoids being "underwater" on the loan (owing more than the car is worth).
Texas sales tax on vehicles is 6.25% state + up to 2% local (varies by county).