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Use this auto loan calculator when comparing available rates to estimate what your car loan will really cost, minus additional fees that lenders may enforce. Simply enter the amount you wish to borrow, the length of your intended loan, vehicle type and interest rate. The calculator will estimate your monthly payment to help you determine how much car you can afford.

Auto Loan Questions

Buying a new car means a fresh car smell and the newest features. But they have a higher price tag, higher rate of depreciation and more expensive insurance. A used car often comes with a lower purchase price and lower rate of depreciation, but you won't know how the car was driven or maintained. Use a new vs. used car calculator to compare the benefits and drawbacks of both new and used cars.

Auto Loan Tips

Prepare for additional costs

Unfortunately, the final price you pay will be higher than the sticker that you see on the car window. You must factor in expenses such as taxes, title fees and even future vehicle maintenance when calculating vehicle cost.

A longer-term loan might not be worth it

Loan repayment terms can range from 24 to 84 months. While a longer loan term will mean a lower monthly cost, you will pay more in interest. Also, consider that a longer term means that you could be stuck with that vehicle for up to seven years.

Consider refinancing your current car loan

Refinancing your current loan can be a great option to save money while keeping your vehicle. Consider this option if you first signed off at a dealership or if you have improved credit and can likely receive a better rate and term.

Save for a down payment

To reduce the total amount you have to finance, have a down payment saved up. Experts recommend 20 percent, but you may be able to buy a car with a down payment of just 10 percent. The less you need to borrow, the more you will be able to save on interest.

Determining if you want to buy or lease your new car requires consideration of the number of miles you plan to clock on the vehicle odometer as well as how much you can afford each month.

When you lease a car, you have the right to use the vehicle but do not have full ownership. Think of it as borrowing the car for a set amount of time, usually three or four years, but not holding complete rights to the car. There will be specific restrictions in terms of use. With a lease, you will be restricted to a certain number of miles driven and the expectation to return the vehicle in mint condition - or incur fees.

You likely will find leasing options through dealerships, which can be a great option if you have your sights set on a specific model. Leasing is worth exploring if you are interested in driving more expensive vehicles every few years rather than keeping one car for the long term. Leasing also has incentives, such as the ability to drive a higher-end vehicle, cash rebates, manufacture warranty and subsidized residual values.

How to decide between buying and leasing

Before you drive a car off the lot, you need to decide if you should lease or buy it. Consider three main factors: the number of miles you drive annually, the purpose of the vehicle and how much you can afford to spend monthly. Buying may be best if you want full ownership of the vehicle and can afford a higher monthly cost. Leasing may be the right choice if you appreciate the flexibility in vehicle types and can stick to the mileage restriction.

Just as with buying a vehicle, when you lease, you will have a monthly payment over the life of your contract. But when you buy, there is light at the end of the tunnel and eventually you won't have to make any further payments. When you lease, unless you plan for a lease buyout, you will have a continuous car payment without achieving ownership of the car.

Use a lease vs. buy calculator before going to the dealership to better understand each option's financial implications.

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Use Bankrate's auto loan calculator to find out your payment on any car loan.

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New Cars, Trucks, SUVs & Hybrids | Toyota Official Site

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Explore the newest Toyota trucks, cars, SUVs, hybrids and minivans. See photos, compare models, get tips, calculate payments, and more.

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1. Which vehicle did you choose?

Toyota Camry

2. Why did you choose this vehicle?

It is a reliable vehicle

3. Which interest rate and term did you choose and why?

3% interest rate with a term of 48 months. I chose this because it was the cheapest.

4. What did you learn from completing this project?

I learned how to find out how much interest I would have to pay