Second Hand Car Loan Calculator
Work out the monthly payment on a used car loan, see how your credit tier changes the APR and total interest using Experian's 2026 averages, and find the most car your budget can buy.
Second hand car loan calculator
What your credit score does to the same loan
How much used car can I afford?
Used car loan rates by credit score (2026)
Lenders price used-car loans by credit tier, and used-car rates run higher than new-car rates. Experian's State of the Automotive Finance Market for the second quarter of 2026 put the average used-car APR at 6.29% for super prime borrowers and 21.62% for deep subprime. On a $19,700 loan for 60 months ($20,000 car, 6% tax, $500 fees, $2,000 down) that's the difference between these payments:
| Credit tier | Avg APR | Payment | Total interest |
|---|---|---|---|
| Super prime (781–850) | 6.29% | $383.52 | $3,311 |
| Prime (661–780) | 8.81% | $407.13 | $4,728 |
| Near prime (601–660) | 13.93% | $457.67 | $7,760 |
| Subprime (501–600) | 19.10% | $512.11 | $11,027 |
| Deep subprime (300–500) | 21.62% | $539.84 | $12,691 |
Second hand car loan calculator: tips before you sign
- Get pre-approved by a bank or credit union first, so you know your rate before the dealer quotes one.
- Older, high-mileage cars can get higher rates or shorter maximum terms; many lenders cap the vehicle's age or mileage.
- Keep the term short: a used car loses value while you pay, and a 72- or 84-month loan on an older car makes it easy to owe more than it's worth (see the gap insurance calculator).
- Compare the total cost, not just the monthly payment.
Buying in Texas? The Texas auto loan calculator applies the 6.25% motor vehicle tax and the private-sale SPV rule. For new cars, use the car payment calculator.
Common questions
What is a good APR for a used car in 2026?
Experian's Q2 2026 averages: 6.29% for super prime (781+), 8.81% prime, 13.93% near prime, 19.10% subprime and 21.62% deep subprime.
Why are used car loan rates higher?
Used cars are worth less as collateral and lose value faster relative to the loan, so lenders charge more, especially for older cars.
How long should a used car loan be?
As short as you can afford; 36 to 60 months keeps interest down and lowers the risk of owing more than the car is worth.
How much used car can I afford on $400 a month?
With $2,000 down at 8.81% for 60 months and 6% tax, about $20,146; use the affordability box with your numbers.
Sources
- Experian: Used car loan interest rates for 2026 (State of the Automotive Finance Market, Q2 2026)
- CFPB: Auto loans
- FTC: Understanding vehicle financing
More loan and car calculators: MPG Calculator · Camper Loan Calculator · Student Loan Payback Calculator
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General information, not financial, tax or legal advice. Check important numbers with the official source before acting on them.