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Auto Loan Calculator: Learn How to Calculate Car Payments

When the time comes to look for a new car, one of the biggest factors can be how that payment will fit into your budget. An Auto Loan Calculator is a helpful tool that allows you to calculate what a potential payment will be based on loan amount, rate, and length of the loan. That way you know how much you can afford to spend on a car before you start shopping.

How Does an Auto Loan Work?

An auto loan is a specific type of loan for purchasing a new or used vehicle. At HFS Federal Credit Union, you can apply for an auto loan online at Once your application is submitted, a loan officer will reach out to you to gather any additional details and documents they may need to complete your application, especially if you’re purchasing a new car from a dealer. An auto loan also applies to refinances of an existing auto loan you may have with another lender.


The Calculator Tools are not guarantees of credit. Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

How to Calculate Your Monthly Auto Loan Payment Using a Loan Calculator

  • Step 1: Loan Amount: Input the dollar amount of how much you’re looking to borrow.
  • Step 2: Rate (APR): You can enter the rate you’ve qualified for or estimate your rate based on your credit score.
  • Step 3: Loan Term: Enter the loan term, or how long you plan to take to pay off the loan. At HFS, new auto loans can be financed for up to 84 months and used autos can be financed for up to 72 months (depending on vehicle value).

Understanding Your Results

  • Monthly Payment: An estimate of how much you will pay monthly based on the loan terms that you input into the calculator. The actual payment may vary when you speak to the lender.
  • Number of Payments: The total number of payments you will make over the life of the loan.
  • Total Payments: The total amount you will repay over the life of the loan, which includes principal and interest payments.
  • Total Interest: The total amount of interest you will pay over the life of the loan.

Factors that Affect an Auto Loan

When applying for an auto loan, there are three factors that affect how your loan is set up: loan amount, APR (Annual Percentage Rate), and loan term. These factors will be different for each individual and depend largely on the vehicle you are choosing to purchase.

Loan Amount:

This refers to the amount of money you borrow to purchase the vehicle. It is also known as the principal amount. This amount can be reduced by any trade in or down payment you make.


The APR, or Annual Percentage Rate, is the interest rate charged on the principal balance. The higher the APR, the greater your total loan costs will be. Your APR is most commonly determined by your credit score.

Loan Term:

The loan term is the length of time that you have to pay back the loan. Most auto loans have a maximum term allowed and it will differ between used autos and new autos. The term allows you to spread out your payments over a period of time which is usually helpful when  to make it fit within your budget.

Auto Loan Terms and Average Rates


Frequently Asked Questions

What are your auto loan eligibility requirements?

In order to qualify for an auto loan at HFS, there are a few requirements you will need to meet:

  • 18 years of age or older
  • Income verification (the credit union will usually ask for pay stubs or other proof of income). As part of the qualification process the credit union will also check your debt to income ratio (DTI) to see how much outstanding debt you currently have in relation to your income.
  • Must be a member of HFS FCU with an account in good standing. You can become a member at the time of your loan approval if you are not one already.
  • The credit union will need to check the value of the vehicle in relation to the purchase price, which is relevant when purchasing a used auto. This may require a vehicle inspection by an HFS staff member.
  • The credit union will check your credit history to see if you qualify for the loan and at which APR.

How long does it take to get approved for my auto loan?

Credit Union representatives will respond to your application as soon as possible, however approval times are based on the time it takes to receive all the necessary information, including income verification, a vehicle inspection, etc.

Can I refinance my existing auto loan through HFS Federal Credit Union?

Yes, you are able to refinance an existing auto loan with HFS Federal Credit Union. Simply complete the auto loan application for the amount you would like to refinance.

Apply for an Auto Loan with HFS Federal Credit Union

If you’re looking to purchase or refinance a vehicle, contact HFS so we can help you bring that dream to your driveway. Apply online at or call us at (808) 930-1400 or toll free at (800) 216-2666 to schedule an appointment with a Loan Officer today.


Fraudulent Text Messages claiming to be from HFS are being sent. If you received a text and are unsure of its legitimacy, please contact the credit union.