Car Payment Calculator: Estimate Monthly Loan Payments

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Car Payment Calculator: Estimate Monthly Loan Payments
Determine monthly loan payments, selecting the credit profile and loan conditions to understand how they affect the payment.
Written by Philip Reed Auto Loans Specialist Edmunds.com Philip is an automotive expert who writes a syndicated article for Edmunds.com.
NerdWallet. He has been featured on national television and radio and once wore a hidden camera for ABC News to show how to negotiate for a used vehicle. His main focus is helping people save money in their car budgets.




and Shannon Bradley Lead Writer | , loans Shannon Bradley covers Shannon Bradley covers auto loans and auto loans for NerdWallet. While at college to earn an education in journalism, Shannon completed an internship that led not to the newsroom but to a bank marketing department. She spent the next 30-plus years as a writer and content manager in the financial services industry writing educational content that covered a broad variety of business and personal financial topics. After being a NerdWallet reader for many years, Shannon welcomed the opportunity to join the NerdWallet team as a writer and help more people with financial decisions. Shannon lives within Newburgh, Indiana.





Dec 9, 2022


Written by Samantha Allen Lead Assigning Editor Samantha Allen leads the insurance team at NerdWallet. Prior to that, she was the managing editor of digital for the two publications Financial Planning and On Wall Street. She attended Northwestern University's certified financial planner program , and has been writing about personal finances and wealth management for over 10 years.







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Make use of an automobile loan calculator to help you calculate the amount of the monthly loan payment will be or the amount you can pay for it.
Auto loan payment calculator delivers a monthly payment based on a price as well as trade-in and information about your down payment; you can change the loan duration and interest rate to see how they change your payment and your total interest.
Utilize this automated loan payment calculator if you know what you expect to pay.
For example, perhaps you think you can afford a $20,000 loan on a brand-new vehicle. A 48-month loan for the most creditworthy borrower would be at or below 4. At that rate, you'd have to pay around $452 monthly and $1,676 in interest over the duration that of the loan. Subprime rates could be 11%, making the monthly payments approximately $515- and you'd pay higher than $4,500 of interest.
A lot of people lower their costs by extending the term that they loan. If you extend the duration by 60 months payments for the $20,000 loan at 11% fall by $515 to just $435. However, you would pay nearly $6,100 in interest and an additional $1,600 in the process.
How do you make use of the loan payment calculator? loan payment calculator
Here's the information you will need to input into an car loan calculation of payments.
Price of the car in this section include the price you think you'll pay for the car. To calculate the price of new cars, you can start with the sticker price of the car (also known as MSRP). Take out any savings from dealer negotiations or manufacturer rebates. Then , add the cost of the options and the "destination fee" charged on new cars.
When it comes to used vehicles, estimating the sale price is a bit trickier. It is possible to start by determining the asking price of the seller however, you might be able to negotiate it to a lower price. To get an idea of an acceptable price, refer to online price guides or search local classified ads on the internet for similar cars.
The interest rate is determined by several methods to determine the interest rate you want to enter. On the top on the page, choose your credit score in the dropdown to see . You can also search for rates. If you are prequalified or preapproved for the loan, simply enter the rate you are given.
The down payment and trade-in value Input the amount you're using towards the purchase of a new car or the trade-in value of your current vehicle, if there is one. You can use online sites for appraisals and pricing help. If you are using a pricing guide, be sure to verify the value of your trade-in and not the retail cost (the cost at which the dealer sells the car). There are also cash purchase offers from local CarMax or online through websites like Vroom or Carvana, as a baseline.
Months: Enter the loan term (the amount of time you must pay off this loan). Car loans are available in twelve-month increments, with typical term being 24, 36, 48 or 60. The longer you'll be in the loan is, the more you'll have to pay in interest over the course of your loan.
Min. credit score of 620

Min. credit score of 660

Min. credit score 575

Est. APR 5.49-17.54 percent

Est. APR 6.49-14.24 percent

Est. APR 3.69-21.00 percent

The loan amount is $7,500. No maximum.

Loan amount $5,000-$100,000

Loan amount $8,000-$100,000






An auto loan calculator reveals more than just payments
When you look at the monthly car payment result, be sure to consider the total amount you'll pay on the car loan. When you use the calculator tool to compare loans the possibility of a lower monthly payment might be attractive, but it can also result in an increase in interest rates and total cost.
Take note that you may be charged additional costs in addition to the auto loan the payment calculator's "total cost of car" result, because it does not reflect local and state taxes, the dealer documentation fee (which could vary widely) as well as registration costs. You can search online or contact the dealer and inquire about estimates of these expenses in your region.
A car loan calculator that does more than simply show a monthly car loan payment. Utilize it to compare lenders' offers, and to test various rate of interest and loan terms. The knowledge you gain can assist you in negotiations with dealers and lenders and ultimately choose the best auto loan for your personal financial needs.
NerdWallet suggests you research an auto loan prior to visiting dealerships. You'll be able to offer the dealer a price to beat and you won't have to worry about you won't get approved for a loan.
What auto loan calculator do you need to use?
You can use a form when you have a particular monthly amount in your mind. Let's say you've decided that you're able to spend $350 a month on your car. Based on the rate of interest and the length of loan you choose the $350 payment could repay a $15,600 car loan at 3.66 percent over two years or $19,100 loan at 60 months.
Use the to estimate the remaining balance on your low interest auto loan at any time during its term.
Make use of the calculator to figure out an affordable car payment for your income and budget.
Utilize the tool to compare your current loan against a new loan with a lower interest.
Check out more from NerdWallet's


About the authors: Philip Reed is an automotive expert who publishes a syndicated column
NerdWallet that has been carried in USA Today, Yahoo Finance and others. The author has written 10 books.


Shannon Bradley covers auto loans for NerdWallet. She worked for nearly 30 years in banking as a writer for financial educational content.







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