You can use this car loan comparison calculator to figure out your monthly payments for 2, 3, 4 and 5 year auto loans. The calculator allows you to input a variety of interest rates for each loan term and the results include your monthly car loan payment, total payments and the total interest paid on each loan.
Calculator Definitions
The variables used in our online calculator are defined in detail below, including how to interpret the results.
The car loan amount is the net amount financed after subtracting out trade in allowances and down payments. This value is used as the basis for all the monthly car loan payment calculations.
Annual Interest Rate (%)
This is the annual interest rate on the auto loan. This is not the APR, which takes into account other costs associated with the loan. This model allows you to enter a unique annual interest rate for each loan term if you have that information.
Monthly Payment ($ / Month)
This is the monthly payment necessary to repay the car loan over its lifetime. This calculator provides the user with four monthly loan payments - one for each of the four possible loan lengths.
Total Payments ($)
The total amount paid to the bank or lending institution over the life of the car loan. Once again four values are computed, one for each of the four possible loans.
Total Interest Paid ($)
The total amount of interest charges over the term of the loan. This is the cost of borrowing money from the lending institution. In general, you would want to take a look at the monthly loan payment and balance this value with the total interest charges.
Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.
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