Car Loan Calculator
Bank vs Dealer Financing:
See the Real Difference
Compare two interest rates side by side. See exactly how much you save by getting a bank pre-approval before stepping into a dealership.
Educational Disclaimer: Wyzfin calculators are for educational and informational purposes only. They do not constitute financial, tax, or legal advice. Always consult a qualified professional for guidance specific to your situation.
Frequently Asked Questions
Should I finance through the dealer or my bank?
Always get a pre-approval from your bank or credit union first. This gives you a baseline rate. If the dealer can beat it, take the better offer. If they can't, use your bank's loan. Dealers often mark up the rate they receive from lenders.
What is a good car loan interest rate?
In the US, a good rate for excellent credit (720+) on a new car is typically 5–7% APR. Used car loans tend to be 1–3% higher. Credit unions typically offer the lowest rates in most markets globally.
What is a balloon payment?
A balloon payment is a large lump sum due at the end of a loan term. Common in PCP deals in the UK and balloon finance in Australia/EU. It lowers monthly payments but requires a plan for the final payment.
How much should I put down on a car?
A 20% down payment is a solid target — it reduces your loan amount, lowers monthly payments, and helps avoid being 'underwater' on your loan (owing more than the car is worth). Cars depreciate quickly, especially in the first year.