Car Loan Calculator
Calculate your monthly car loan payments. Understand how loan amount, interest rate, and loan term affect your monthly expenses and total loan cost.
Step 1: Loan Details
Understanding Loan Terms
Shorter loan terms typically have higher monthly payments but lower total interest costs. Longer terms reduce monthly payments but increase the total interest paid over the life of the loan.
Step 2: Additional Details
About Interest Rates
Your credit score significantly impacts the interest rate you’ll receive. Higher credit scores typically qualify for lower interest rates, which can save you thousands over the life of your loan.
Loan Payment Results
Estimated Monthly Payment
Loan Term Comparison
| Loan Term | Monthly Payment | Total Interest | Total Cost | Interest Savings |
|---|
Payment Breakdown
Loan Payment Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n – 1]
Where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments (loan term in years × 12).
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