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Our free car loan calculator generates a monthly payment amount and total loan cost based on vehicle price, interest rate, down payment and more.
Our car finance calculator uses the following formula to calculate the monthly payment: Monthly payment = (loan amount) × (interest rate / 12) / (1 − (1 + (interest rate / 12)) ^ (-loan term)). The interest rate is given for a period of one year.
Our auto loan payment calculator can help estimate the monthly payments for your next vehicle. Enter the details about your down payment, the cost of the car, the loan term, and more.
To calculate auto loan payments, start by finding the monthly interest rate by dividing the annual interest rate by 12. Then, find the principal, which is how much you need to borrow to purchase the car. Next, determine how many months you'll be paying the loan off for.
Car Loan Formula. The Car Loan Calculator uses the following basic formula: Monthly Car Loan Payment = { Rate + Rate / [(1 + Rate) months-1] } x Principal Car Loan Amount. Where: Rate (Monthly Interest Rate) = Decimal Rate / 12 , or Rate = (Annual Interest Rate / 100) / 12
To calculate your monthly car loan payment by hand, divide the total loan and interest amount by the loan term (the number of months you have to repay the loan).
Use our auto loan payment calculator to estimate your monthly car loan payment based on your loan amount, rate and term.