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*All pricing and details are believed to be accurate, but we do not warrant or guarantee such accuracy. The prices shown above may vary from region to region, as will incentives, and are subject to change. Vehicle information is based off standard equipment and may vary from vehicle to vehicle. Call or email for complete vehicle information. All specifications, prices and equipment are subject to change without notice. Prices and payments do not include tax, titles, tags, finance charges, documentation charges, emissions testing charges, or other fees required by law, vehicle sellers or lending organizations.

Based on 2020 EPA mileage estimates, reflecting new EPA fuel economy methods beginning with 2008 models. Use for comparison purposes only. Do not compare to models before 2008. Your actual mileage will vary depending on how you drive and maintain your vehicle.

While every effort has been made to ensure display of accurate data, the vehicle listings within this website may not reflect all accurate vehicle items. Accessories and color may vary. All inventory listed is subject to prior sale. The vehicle photo displayed may be an example only. Vehicle Photos may not match exact vehicles. Please confirm vehicle price with Dealership. See Dealership for details.


One of the most important aspects of searching for your next vehicle is ensuring you buy something you can afford. A great way to do that is by using our free monthly car payment calculator, which can give you a better idea as to what your loan payments will look like for the vehicle you want to purchase.

How Can I Calculate My Car Payment?

Using our car payment calculator to figure out your car payments is very simple. All you need to do is fill in or select the appropriate values in the five provided fields. Once you have them filled out, just click on “Calculate” and you’ll see your estimated payment based on what you entered. Below is a brief overview of what each option means.

Vehicle Price

This is the sale price of the vehicle and the total amount you need to borrow if you’re taking out a loan. While new vehicles have a listed MSRP and used vehicles have a sticker price, these figures can often differ from the final sale price. For example, you may be able to buy a new car for less than the MSRP due to incentives provided by the manufacturer or deals being offered by our dealership. So, instead of putting in the MSRP, you would put in the final sale price of the vehicle.

If you don’t know the final price of the vehicle, you can put an estimate into this field to see what type of monthly payment you’d get with that loan amount.

Interest Rate

The interest rate is the interest amount charged by the loan provider. These rates can vary based on where you get the loan and your current financial history, such as your credit score. If you’ve received pre-approval for a loan from your bank or credit union, they should have provided you with the interest rate, which you can enter into this field. If you don’t have an interest rate yet, you can leave the number at 4.9%, as this represents a fairly average value for many loans.

Loan Term

The loan term is how many months you have to pay off the loan. The loan term impacts how much you’ll need to pay on a monthly basis along with how much you’ll end up paying by the end of the loan. For example, if you were to take out a three-year loan, your monthly payments would be higher since you need to make larger payments to pay it off sooner. However, the total amount you’d end up paying on the loan would be lower, since there is less time for interest to accrue.

Generally speaking, if you want a lower monthly payment, look for a longer loan term like five or six years. In this field, loan terms are represented in months rather than years.

Down Payment

The down payment is the amount of cash you put towards the vehicle at the time of purchase. When you use a down payment, you don’t need to take out as large of a loan, thereby lowering the monthly payment amounts. For example, if the final sale price of a vehicle is $15,000, and you have a $2,000 down payment, you only need to borrow $13,000. Down payments are a great way to lower your monthly costs provided you have the cash on hand to do so.

Trade-In Value

Finally, there’s the trade-in value. If you currently own a vehicle and want to sell it, you can use the value of this vehicle to lower your monthly payments. First, you need to figure out the value of your used vehicle. There are many online tools that can provide an estimate. Once you have this estimate, put the value into the calculator to have that amount subtracted from the final price of the vehicle. For example, if you’re buying a $15,000 car and have a trade-in value of $4,500, you only need to borrow $11,500.

Monthly Car Payment Calculator Chevy Example

Here is an example of how this car payment calculator can work. John has found a used vehicle that he likes online. The listed value of the vehicle is $17,500, so he puts that value into the Vehicle Price field. He spoke to his credit union and knows that he can secure a loan interest rate of 3.5% and that he’d like to pay this loan off in five years, or 60 months. He has $1,000 available for a down payment and his current vehicle is worth $3,500, which he plans to trade in.

Entering in all these values, John receives a monthly payment estimate of $236. There could still be some adjustments at the time of purchase due to taxes, vehicle incentives, or a different trade-in value, but this calculator has shown him that the vehicle he wants is within the range of monthly payments that he’s comfortable with.

Benefits of Using Our Car Payment Calculator

There are many benefits to using our Chevy payment calculator. For starters, this tool can help you find the right vehicle. By entering in different vehicle amounts, you can get a better idea as to what you can afford. With this information, you can narrow down your search and only investigate vehicles that fit your budget.

Secondly, this tool allows you to try out different payment options. You can see how different loan terms or down payment amounts can impact your monthly payments going forward. This helps when it comes time to take out your loan, as you can select the loan options that work best for you.

Finally, the Chevy finance calculator can save you time at the dealership. If you know what you can afford and what you want your loan to look like before you head in, you won’t have to waste time figuring that out at the dealership. Of course, if you’re unsure of what you need, the Finance Department at #1 Cochran Chevrolet is always here to assist you. For help purchasing your next vehicle or with our monthly payment calculator, please contact us today.