Car Loan Payment Calculator
The LRFIX Car Loan Payment Calculator will estimate monthly and bi-weekly payments based on loan amount, interest rate, and loan term.
Car Loan Payment Calculator
Car Loan Payment Calculator Instructions:
- Loan Amount: Enter the amount to borrow.
- Interest Rate: Input the annual interest rate.
- Loan Term: Specify the duration in years.
- Calculate: Click "Calculate" for monthly and bi-weekly payments.
- Clear: Click "Clear" to reset fields.
Loan Amount
This simple calc doesn't need to know about any down payment amounts. If you are financing a $40k car, and make a $10k down payment, you are getting a $30k loan.
When entering the loan amount, deduct the down payment amount first.
Interest Rate
The interest rate used in this loan payment calculator doesn't need to know source. If you are borrowing from the bank, or from a credit card, just enter the interest rate you have regardless of source.
Loan Term
The loan term is the planned length of the loan. If you agree to pay the source back in 3 years, enter 3 years.
If you are using a credit card, type in the loan term you want to pay it off in. If you want to know what it costs to repay in 5 years, type 5 years, even if the credit card does not care how long you take to repay.
Added Costs
This loan payment calculator is not an official loan provider, it is a handy tool but does not include specific costs.
Example of potential added costs to a car loan include sales tax on the purchase price, registration and title fees, insurance premiums, loan origination fees, optional extended warranties, and ongoing maintenance and repair costs.
Additionally, you might consider gap insurance to cover the difference between the car's value and what you owe if it’s totaled. Ask your loan provider for details.
FAQ
Interest rates are influenced by several factors, including your credit score, the loan term, the lender's policies, and current market conditions.
Yes, you can pay off your car loan early; however, some lenders may charge prepayment penalties, so check your loan agreement.
Gap insurance is a type of coverage that pays the difference between the amount you owe on your car loan and the car's actual cash value if it is totaled in an accident.
While a down payment is not always required, making one can lower the overall loan amount and reduce your monthly payments.
Yes, refinancing allows you to take out a new loan to pay off your existing one, which can result in a lower interest rate or reduced monthly payments.
A shorter loan term usually results in higher monthly payments but less interest paid overall, allowing you to own the car outright more quickly.
If you can't afford your car payments, contact your lender to discuss options like restructuring the loan, deferring payments, or exploring refinancing.
