66 Month Auto Loan Calculator with Trade in

How to Use This Calculator

Using this calculator is simple:

1. Enter the total amount you want to finance (loan amount).
2. Input your annual interest rate (APR).
3. Add your down payment amount if applicable.
4. Enter the estimated value of your trade-in vehicle.
5. Click "Calculate" to see your monthly payment.

The calculator will show you your estimated monthly payment, total interest paid over the loan term, and the total amount paid. You can also view a breakdown of how much goes toward principal and interest each month.

Formula Used

The monthly payment for an auto loan is calculated using the standard loan payment formula:

The principal amount (P) is calculated as: Loan Amount - Trade-In Value + Down Payment. This accounts for the trade-in value reducing your total loan amount.

Worked Example

Let's say you want to finance a $25,000 vehicle with a 3.5% annual interest rate over 66 months. You have a $2,000 down payment and your trade-in is worth $5,000.

First, calculate the principal amount:

$25,000 (Loan Amount) - $5,000 (Trade-In) + $2,000 (Down Payment) = $22,000

Then calculate the monthly interest rate:

3.5% / 12 = 0.00291667 (0.291667%)

Now apply the loan payment formula:

M = $22,000 [ 0.00291667(1 + 0.00291667)^66 ] / [ (1 + 0.00291667)^66 - 1 ]

This calculation results in a monthly payment of approximately $375.45.