New and Used Auto Loan Calculator

How Much of an Auto Loan Can You Afford?

If you're considering buying a new or used car, truck, SUV or van and want to figure out what you can afford, use our auto loan calculator* to estimate your monthly payment.

Here's how it works:

Purchase Price - Enter the full purchase price of the vehicle you're interested in. The purchase price should include additional accessories, warranties, taxes and fees.
Loan Term - Choose a loan term that suits your financial goals. The loan term is the duration of your vehicle loan measured in months.
Estimated Interest Rate - Provide an estimate of the interest rate you expect to receive. To check the most recent interest rates, visit our Rates page.
Down Payment - Enter the amount you plan to put down. This initial payment can largely impact your loan amount and monthly payments.

When you’re ready to apply for an auto loan, use our online loan application for a quick and simple application and decision process.

How to Get an Auto Loan

Know Your Credit Score: Before applying for a loan, obtain a copy of your credit report to understand your creditworthiness.
Determine your budget: Calculate your budget , including down payment and monthly payments, to ensure affordability.
Pre-Approval: Get pre-approved for a loan to know your borrowing capacity and simplify negotiations with dealerships.
Submit your application: Complete your secure loan application with accurate personal and financial information.
Review and sign: Carefully review the loan agreement before signing to ensure you understand the terms and conditions.
Finalize your purchase: After securing financing, finalize the vehicle purchase and enjoy your new vehicle.

How Long Are Auto Loans?

Auto loans typically range from 24 to 84 months, depending on the lender and the amount borrowed. Shorter loan terms often result in higher monthly payments but lower overall interest costs. Longer terms may reduce monthly payments but increase the total interest paid over the life of the loan.

Choosing a loan term that aligns with your budget and financial goals is essential.

How to Pay Off Your Auto Loan Faster

Accelerating the payoff of your auto loan can save you money on interest and provide financial freedom sooner. If you are looking to pay off your auto loan faster than your loan term, consider the following strategies:

Increase monthly payments: Allocate extra funds towards your monthly payments to reduce the principal balance faster.
Make biweekly payments: Split your monthly payment in half and make a payment every two weeks. Bi-weekly payments result in 26 payments a year, creating one “extra” monthly payment annually.
Round up payments: Round up your monthly payments to the nearest hundred or even thousand to expedite your repayment process.
Refinance to a shorter term: If it’s feasible, you can refinance your loan into a shorter term with a lower interest rate to pay off the loan quicker.
Use unexpected funds: Apply unexpected income such as bonuses, tax refunds or inheritances towards your loan balance.

FAQs

Can I Get an Auto Loan with No Credit?

Yes, obtaining an auto loan with no credit history is possible. However, most lenders will require a cosigner or higher down payment to mitigate the risk of a limited credit history.

How Soon Can I Refinance an Auto Loan?

There is no set timeframe for refinancing an auto loan. However, it's advisable to wait at least six months to a year after securing the initial loan to build a positive payment history and improve creditworthiness before considering refinancing options.

How Can I Calculate Auto Loan Interest?

To calculate auto loan interest, use the following formula: Interest = Principal Balance × Interest Rate × Time. Alternatively, you can utilize Seacoast’s auto loan calculators or consult with your lender.

Auto Loan Calculator