Car Loan Payoff Calculator

The average car loan in the US is around $23,000 with terms of 60-72 months. While car loan rates are lower than credit cards, the long terms mean you pay significant interest over the life of the loan. Paying extra each month can save you thousands.

Avg Balance: $23,000Typical Rates: 4-10% APRAvg Min Payment: $450/mo

Enter Your Debts

$0$500$1,000$1,500$2,000

Tips for Paying Off Car Loan

  1. 1

    Round up your payment - if your minimum is $432, pay $500

  2. 2

    Make one extra payment per year to shave months off your loan

  3. 3

    Refinance if rates have dropped since you took the loan

  4. 4

    Avoid extending the loan term when refinancing - keep it shorter

  5. 5

    Consider whether paying off the car early makes sense vs investing the difference

Other Debt Payoff Calculators

Credit Card Debt

15-28% APR

Student Loan Debt

4-8% (federal), 3-15% (private)

Medical Debt

0% (payment plans) to 10%+ (if sent to collections)

Personal Loan

6-36% APR

Mortgage

5.5-7.5% (2025-2026 rates)

Payday Loan

300-500% effective APR

Buy Now Pay Later (BNPL)

0% (on-time) to 25-30% (late/deferred)

Back to Debt Payoff Calculator