Car Payment Calculator
Estimate your monthly auto loan payment in seconds. Adjust price, down payment, trade-in value, interest rate, and loan term to find a payment that fits your budget.
Vehicle Details
California avg ≈ 9.5%
Loan Details
6.9%
0%6.25%12.5%18.75%25%
Year-by-Year Breakdown
| Year | Principal Paid | Interest Paid | Balance |
|---|
How the Car Payment Calculator Works
This calculator uses the standard amortizing loan formula to compute your monthly payment: P = L · r / (1 − (1 + r)⁻ⁿ), where L is the loan amount, r is the monthly interest rate, and n is the number of months. It factors in sales tax and reduces the loan by your down payment and trade-in value before calculating.
The California statewide average sales tax is approximately 9.5%, though your local rate may vary slightly. The calculator pre-fills this value but you can change it to match your county.
Frequently Asked Questions
What interest rate should I use? +
Your rate depends on your credit score and lender. As of 2025, used-car loan rates typically range from 5% to 15% APR for buyers with good credit. Check with your bank or credit union, or ask us about our financing partners.
Does the calculator include taxes and fees? +
Yes — it applies California sales tax to your purchase price (minus the trade-in, which is tax-exempt in CA). It does not include DMV fees, doc fees, or registration, which typically add $400–$900 to out-of-pocket costs.
Should I put more money down? +
Generally yes — a larger down payment reduces your loan amount, monthly payment, and total interest. Putting down 10–20% of the vehicle price is a common rule of thumb. A trade-in has the same effect as a down payment on your loan amount.
What loan term is best? +
Shorter terms (24–36 months) mean higher monthly payments but less total interest. Longer terms (60–84 months) lower monthly payments but can cost significantly more over time. For used cars, many lenders cap terms at 60–72 months depending on vehicle age.
Does Iconic Garage offer financing? +
Yes — we work with multiple lenders to offer flexible financing options for all credit types. Apply online here or call us at (424) 404-4404.
Other Free Tools
Monthly Payment
$—
estimated · see breakdown below
Vehicle Price
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Sales Tax
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Down + Trade-in
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Loan Amount
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Total of Payments
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Total Interest
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Ready to find your next car? Iconic Garage is appointment-only — flexible financing available for all credit types.