Auto Loan Calculator

Auto Loan Calculator to calculate the costs of a car loan. The car loan calculator generates an amortization schedule that shows the monthly payments and the time it takes to pay off the car loan. Learn how much interest payments you will be making on your car loan based on the interest rate you are getting. With the rising costs of financing, it may be more expensive than ever to get a car. Car buyers should research and compare car deals from different dealers to know the true costs of owning a car.

How does the auto loan calculator work?

The auto loan calculator takes only 3 parameters to determine your monthly payments, the loan amount, loan terms, and interest rate.

Loan Amount - is the total loan amount that you will borrow from the bank or the lender. It is highly recommended that car buyers make a big down payment on their car when the interest rates are high, so that they can lower the loan amount to save money on interest. Loan Terms - the number of years that you want to pay off your loan. The longer the term, the more interest payments you will make. Try to keep the loan terms under 5 years if you can afford to make the monthly payments. Don't be fool into getting a longer term than necessary as you will be paying more for interest. Interest Rate - the cost of borrowing money. Interest rate determines how much interest you will be paying on your auto loan.

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