Auto loan calculator
Our auto loan calculator helps you estimate your monthly payments when financing a vehicle.
Page written by AI. Reviewed internally on March 15, 2024.
Our auto loan calculator helps you estimate your monthly payments when financing a vehicle.
Page written by AI. Reviewed internally on March 15, 2024.
To calculate auto loan repayments, you can follow these steps:
Gather Information: Collect details about the loan, including the loan amount, interest rate (APR), and loan term (in months).
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%).
Calculate Monthly Interest: Multiply the loan balance by the monthly interest rate to find out how much interest you’ll pay each month.
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.
Finalize Calculation: Once you have the monthly payment, remember to add any other fees or charges that might be part of the loan agreement.
This calculator is intended for illustration purposes only and exact payment terms should be agreed with a lender before taking out a loan.
Your results
Your estimated monthly payment
$0
Total principal paid
$0
Total interest paid
$0
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