Car Loan Payment Formula
Car Loan Calculation Results
Total Car Price
Down Payment
Loan Amount
Total Interest
Amortization Schedule
| Month | Payment | Principal | Interest | Remaining Balance |
|---|
Loan Term Comparison
Car Loan Tips
Based on your car loan calculation, here are some tips for getting the best auto loan and managing your car finances.
Understanding Car Loans
What is a Car Loan?
A car loan is a type of installment loan specifically for purchasing a vehicle. The borrower agrees to pay back the loan amount plus interest over a set period, typically 3 to 7 years.
Interest Rates & Factors
Car loan interest rates vary based on credit score, loan term, down payment, vehicle age, and lender. New cars typically have lower rates than used cars, and shorter terms have lower rates than longer terms.
Getting the Best Loan
• Check your credit score before applying
• Get pre-approved from multiple lenders
• Make a larger down payment if possible
• Choose the shortest loan term you can afford
• Consider total cost, not just monthly payment