Auto loan calculator

To calculate auto loan repayments, you can follow these steps:

1. Gather Information: Collect details about the loan, including the loan amount, interest rate (APR), and loan term (in months).

2. Convert APR to monthly interest rate: Divide the annual interest rate (APR) by 12 to get the monthly interest rate. For example, if the APR is 6%, the monthly interest rate would be 0.06 divided by 12, which equals 0.005 (or 0.5%).

3. Calculate monthly interest: Multiply the loan balance by the monthly interest rate to find out how much interest you’ll pay each month.

4. Determine monthly payment: Use our auto loan calculator to compute the monthly payment. The formula involves the loan amount, monthly interest rate, and loan term.

5. Finalise calculation: Once you have the monthly payment, remember to add any other fees or charges that might be part of the loan agreement.