Free Auto Loan Calculator
Published: 10 November 2026 · Updated: 10 November 2026
A $30,000 car loan at 6.5% APR over 60 months costs $586.98 a month — $5,219.07 of interest, $35,219.07 in total. Enter your own loan below for your payment.
The term you pick costs as much as the rate. On a $30,000 loan at 6.5%, 72 months costs $6,309.45 of interest — more than double the $3,100.92 a 36-month loan costs. The calculator below shows every term side by side.
Researched by MixKhazana Team · Last updated 10 November 2026 · Data: Federal Reserve G.19 Consumer Credit, October 2026 + Experian State of the Automotive Finance Market, Q2 2026
How to use
- Enter the vehicle price, your down payment and any trade-in value.
- Set the APR — 6.5% is pre-filled, close to the 2026 market average for new cars.
- Pick a loan term — 36, 48, 60, 72 or 84 months — and add your state's sales tax if you want it in the loan.
- Click Calculate My Car Payment for your monthly payment, total cost and interest.
How it works
A car loan is simple amortisation: you borrow a lump sum and repay it in equal monthly instalments, each one part interest and part principal. The formula is payment = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the amount borrowed, r is the monthly rate (APR ÷ 12) and n is the number of payments. Early payments are mostly interest; by the last year, almost every dollar is principal. That is why extra payments early in the loan save the most — they cut principal while interest is still high. If you are also weighing a home loan, the same maths drives the mortgage payment calculator.
The rate is where the money is won or lost. Experian's State of the Automotive Finance Market put the average new-car loan at 6.35% APR in the second quarter of 2026, financing $43,610 over 69.5 months for about $765 a month, while used-car loans averaged 11.19%. The Federal Reserve's G.19 Consumer Credit release (7 October 2026) put 60-month new-car loans at commercial banks at 7.54% in August 2026. Both are market averages across every credit tier — a strong credit score can halve your rate, a weak one can double it, so the APR you are actually offered matters far more than any average.
The term is the second lever. Stretching a $30,000 loan at 6.5% from 36 to 72 months cuts the payment from $919.47 to $504.30 — but total interest more than doubles, from $3,100.92 to $6,309.45, and you spend years owing more than the car is worth. Dealers love long terms because the monthly number looks small; the total is what you actually pay. The honest rule: pick the shortest term whose payment you can afford, put at least 20% down on a new car, and never let the loan outlive the car.
Worked example
Maria buys a $35,000 car in Texas in 2026: $5,000 down, no trade-in, 6.5% APR, 60 months:
- Amount borrowed: $35,000 − $5,000 = $30,000
- Monthly rate: 6.5% ÷ 12 = 0.5417%; 60 payments
- Monthly payment: $586.98
- Total paid: $586.98 × 60 = $35,219.07, of which $5,219.07 is interest
Now the same $30,000 at the Federal Reserve's bank average of 7.54% over 60 months: the payment rises to $601.71 a month and total interest to $6,102.53 — about $883 more for the same car, just for a one-point rate difference. And if Maria borrows only $25,000 at 7.54% instead, the payment is $501.42 a month with $5,085.44 of interest. Small rate moves are real money: check the term table below before you sign.
What a $30,000 loan costs at 6.5% APR
| Term | Monthly payment | Total interest |
|---|---|---|
| 36 months | $919.47 | $3,100.92 |
| 48 months | $711.45 | $4,149.53 |
| 60 months | $586.98 | $5,219.07 |
| 72 months | $504.30 | $6,309.45 |
Answer block: US car loan rates in 2026 in one paragraph
The average new-car loan in the US ran at 6.35% APR in the second quarter of 2026, financing $43,610 over 69.5 months for about $765 a month, while used-car loans averaged 11.19% (Experian, State of the Automotive Finance Market, Q2 2026). Commercial banks charged more: the Federal Reserve's G.19 release (7 October 2026) put 60-month new-car loans at 7.54% in August 2026. On a $30,000 loan at 6.5%, the difference between a 36-month and a 72-month term is $3,208.53 of extra interest — the term you pick matters as much as the rate.
Related tools
Frequently asked questions
What is the monthly payment on a $30,000 car loan?
At 6.5% APR over 60 months, a $30,000 car loan costs $586.98 a month — $35,219.07 in total, of which $5,219.07 is interest. Stretch it to 72 months and the payment falls to $504.30, but total interest rises to $6,309.45. Shorten it to 36 months and you pay $919.47 a month but only $3,100.92 of interest. Enter your own loan in the calculator above.
How is an auto loan payment calculated?
With the amortisation formula: monthly payment = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the amount borrowed, r is the monthly interest rate (APR divided by 12) and n is the number of monthly payments. Every payment is part interest and part principal; early payments are mostly interest, later ones mostly principal. The calculator above runs this formula instantly for any loan.
What is the average car loan rate in 2026?
Experian's State of the Automotive Finance Market put the average new-car loan at 6.35% APR in the second quarter of 2026, financing $43,610 over 69.5 months for about $765 a month, while used-car loans averaged 11.19%. The Federal Reserve's G.19 release (7 October 2026) put 60-month new-car loans at commercial banks at 7.54% in August 2026. Your own rate depends mostly on your credit score — the market average blends every tier together.
Is a longer car loan term better?
A longer term cuts the monthly payment but raises the total cost a lot: on a $30,000 loan at 6.5%, 72 months costs $6,309.45 of interest against $3,100.92 over 36 months — more than double — and you spend longer owing more than the car is worth. The sweet spot for most buyers is 48 or 60 months: affordable payments without years of extra interest.
Should I make a bigger down payment?
Usually yes. A bigger down payment shrinks the amount you borrow, so every line of the loan gets cheaper — lower payment, less interest, and less chance of owing more than the car is worth if you sell early. Twenty percent down is the classic target on a new car; on a used car, whatever keeps the loan shorter than the time you plan to keep the car.
Does this calculator include sales tax and fees?
Yes, if you enter them. The sales-tax field adds your state's tax to the amount financed, so the loan covers the tax instead of you paying it in cash. Dealer fees, registration and insurance are not included — add them to the vehicle price if you want them in the loan, or budget them separately.
Can I pay off a car loan early?
Most US auto loans let you pay extra or pay off early with no prepayment penalty, and every extra dollar goes straight to principal, cutting future interest. Check your own loan agreement first — a small number of loans, usually from subprime lenders, still carry a prepayment fee. This calculator's payoff maths assumes no penalty.