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Auto Loan Calculator

💡 Example: $35K car with $7K trade-in, $2K down at 7.2% for 5 years

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Understanding Auto Loans

Car loans typically range from 36 to 84 months. Shorter terms mean higher monthly payments but less total interest.

Average Auto Loan Rates

  • New cars: 6-8%
  • Used cars: 8-12%
  • Excellent credit: 4-6%
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Frequently Asked Questions

What is a good interest rate for a car loan?
For new cars, 6-7% is average. With excellent credit (750+), you may qualify for 4-5%. Used car rates are typically 2-4% higher.
Is a 72-month car loan a good idea?
72-month loans lower monthly payments but cost more in interest. You may also owe more than the car is worth (negative equity) for several years.
How much should I put down on a car?
Aim for 20% down on new cars, 10% on used cars. This helps avoid negative equity and may get you a better interest rate.
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