Car Loan Calculator
Calculator Use
Car loan calculator to calculate your monthly car payment. Enter amount of the loan, how many months or years to pay off the loan, and interest rate.
Your monthly payment amount is split into two parts, principal and interest. The amount of your monthly payment applied toward your original loan is called principal. The remainder of the monthly payment is paid as interest.
Along with your monthly payment this calculator totals all payments paid over the life of the loan and total interest paid on your auto loan. You can see that if you add your principal loan amount and the total interest paid, you will get the sum total of all car payments you made to pay back the loan.
After you calculate the car loan you can also create and print out a loan amortization schedule. An amortization schedule breaks down each monthly payment in terms of loan principal paid and interest paid.
- Auto Loan Amount
- The amount you will borrow to buy a car. The principal.
- Auto Loan Term
- The length of the loan in months or years. This is how long it will take to pay back your loan with regular monthly payments.
- Interest Rate
- The annual interest rate of the loan stated by the bank or lending institution. You can also use this calculator to try different rates and see how varying the interest rate can affect your monthly payment amount.
What is an Auto Loan Term?
A loan term is the amount of time it takes to pay off a loan in full. Car loans obtained through a bank or automobile dealership financing are typically offered in 12-month increments with monthly payments. You might have a term of 36 months (3 years), 48 months (4 years) or 60 months, (5 years).
Car Loan Interest Rates
Your auto loan interest rate will affect your monthly payment and the amount of interest paid over the life of your loan. It is always a good idea to check around for the best interest rates that might be available to you in your area.
Then, when you apply for a loan, the lender will consider factors such as your credit rating and stability of your income. In general, if you have a higher credit score and long-term income stability, you may be offered a better (lower) interest rate than otherwise.
You can typically apply for automobile financing through a bank, and many car dealerships offer loans through financial institutions they are affiliated with.
Need to Make a Down Payment or Include Sales Tax in Your Loan Calculation?
CalculatorSoup® has a more comprehensive calculator that includes car price, interest rate, down payment, trade-in value and sales tax at the Car Loan Payment Calculator.
Cite this content, page or calculator as:
Furey, Edward "Car Loan Calculator | CalculatorSoup" at https://www.calculatorsoup.com/calculators/financial/car-loan-calculator.php from CalculatorSoup, https://www.calculatorsoup.com - Online Calculators
Last updated: May 16, 2024