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Car Loan Calculator
Car loan calculator with extra payment is used to calculate monthly payment for your car loan. The auto loan calculator has many advanced options such as down payment, taxes, trade in, extra payments, and amortization schedule.
Automobile Loan Calculator |
|
| Loan Amount: | $40,000.00 |
Total Monthly Payment: |
$768.67 |
| Total # Of Payments: | 60 |
| Start Date: | Dec, 2024 |
| Payoff Date: | Nov, 2029 |
| Down Payment: | $20,000.00 |
| Trade In Value: | $0.00 |
| Sales Tax: | $0.00 |
| Other Fee: | $0.00 |
| Total Interest Paid: | $6,120.24 |
Total of All Costs: |
$66,120.24 |
Auto Loan Amortization Schedule |
||||||
| Payment Date | Payment # | Interest | Principal | Total Payment | Balance | |
|---|---|---|---|---|---|---|
| Dec, 2024 | 1 | $191.67 | $577.00 | $768.67 | $39,423.00 | |
| Jan, 2025 | 2 | $188.90 | $579.77 | $768.67 | $38,843.23 | |
| Feb, 2025 | 3 | $186.12 | $582.55 | $768.67 | $38,260.68 | |
| Mar, 2025 | 4 | $183.33 | $585.34 | $768.67 | $37,675.34 | |
| Apr, 2025 | 5 | $180.53 | $588.14 | $768.67 | $37,087.20 | |
| May, 2025 | 6 | $177.71 | $590.96 | $768.67 | $36,496.24 | |
| Jun, 2025 | 7 | $174.88 | $593.79 | $768.67 | $35,902.44 | |
| Jul, 2025 | 8 | $172.03 | $596.64 | $768.67 | $35,305.81 | |
| Aug, 2025 | 9 | $169.17 | $599.50 | $768.67 | $34,706.31 | |
| Sep, 2025 | 10 | $166.30 | $602.37 | $768.67 | $34,103.94 | |
| Oct, 2025 | 11 | $163.41 | $605.26 | $768.67 | $33,498.68 | |
| Nov, 2025 | 12 | $160.51 | $608.16 | $768.67 | $32,890.53 | |
| Dec, 2025 | 13 | $157.60 | $611.07 | $768.67 | $32,279.46 | |
| Jan, 2026 | 14 | $154.67 | $614.00 | $768.67 | $31,665.46 | |
| Feb, 2026 | 15 | $151.73 | $616.94 | $768.67 | $31,048.52 | |
| Mar, 2026 | 16 | $148.77 | $619.90 | $768.67 | $30,428.62 | |
| Apr, 2026 | 17 | $145.80 | $622.87 | $768.67 | $29,805.75 | |
| May, 2026 | 18 | $142.82 | $625.85 | $768.67 | $29,179.90 | |
| Jun, 2026 | 19 | $139.82 | $628.85 | $768.67 | $28,551.05 | |
| Jul, 2026 | 20 | $136.81 | $631.86 | $768.67 | $27,919.19 | |
| Aug, 2026 | 21 | $133.78 | $634.89 | $768.67 | $27,284.30 | |
| Sep, 2026 | 22 | $130.74 | $637.93 | $768.67 | $26,646.36 | |
| Oct, 2026 | 23 | $127.68 | $640.99 | $768.67 | $26,005.37 | |
| Nov, 2026 | 24 | $124.61 | $644.06 | $768.67 | $25,361.31 | |
| Dec, 2026 | 25 | $121.52 | $647.15 | $768.67 | $24,714.17 | |
| Jan, 2027 | 26 | $118.42 | $650.25 | $768.67 | $24,063.92 | |
| Feb, 2027 | 27 | $115.31 | $653.36 | $768.67 | $23,410.55 | |
| Mar, 2027 | 28 | $112.18 | $656.50 | $768.67 | $22,754.06 | |
| Apr, 2027 | 29 | $109.03 | $659.64 | $768.67 | $22,094.42 | |
| May, 2027 | 30 | $105.87 | $662.80 | $768.67 | $21,431.61 | |
| Jun, 2027 | 31 | $102.69 | $665.98 | $768.67 | $20,765.64 | |
| Jul, 2027 | 32 | $99.50 | $669.17 | $768.67 | $20,096.47 | |
| Aug, 2027 | 33 | $96.30 | $672.38 | $768.67 | $19,424.09 | |
| Sep, 2027 | 34 | $93.07 | $675.60 | $768.67 | $18,748.50 | |
| Oct, 2027 | 35 | $89.84 | $678.83 | $768.67 | $18,069.66 | |
| Nov, 2027 | 36 | $86.58 | $682.09 | $768.67 | $17,387.57 | |
| Dec, 2027 | 37 | $83.32 | $685.36 | $768.67 | $16,702.22 | |
| Jan, 2028 | 38 | $80.03 | $688.64 | $768.67 | $16,013.58 | |
| Feb, 2028 | 39 | $76.73 | $691.94 | $768.67 | $15,321.64 | |
| Mar, 2028 | 40 | $73.42 | $695.25 | $768.67 | $14,626.39 | |
| Apr, 2028 | 41 | $70.08 | $698.59 | $768.67 | $13,927.80 | |
| May, 2028 | 42 | $66.74 | $701.93 | $768.67 | $13,225.87 | |
| Jun, 2028 | 43 | $63.37 | $705.30 | $768.67 | $12,520.57 | |
| Jul, 2028 | 44 | $59.99 | $708.68 | $768.67 | $11,811.89 | |
| Aug, 2028 | 45 | $56.60 | $712.07 | $768.67 | $11,099.82 | |
| Sep, 2028 | 46 | $53.19 | $715.48 | $768.67 | $10,384.34 | |
| Oct, 2028 | 47 | $49.76 | $718.91 | $768.67 | $9,665.43 | |
| Nov, 2028 | 48 | $46.31 | $722.36 | $768.67 | $8,943.07 | |
| Dec, 2028 | 49 | $42.85 | $725.82 | $768.67 | $8,217.25 | |
| Jan, 2029 | 50 | $39.37 | $729.30 | $768.67 | $7,487.95 | |
| Feb, 2029 | 51 | $35.88 | $732.79 | $768.67 | $6,755.16 | |
| Mar, 2029 | 52 | $32.37 | $736.30 | $768.67 | $6,018.86 | |
| Apr, 2029 | 53 | $28.84 | $739.83 | $768.67 | $5,279.03 | |
| May, 2029 | 54 | $25.30 | $743.38 | $768.67 | $4,535.65 | |
| Jun, 2029 | 55 | $21.73 | $746.94 | $768.67 | $3,788.72 | |
| Jul, 2029 | 56 | $18.15 | $750.52 | $768.67 | $3,038.20 | |
| Aug, 2029 | 57 | $14.56 | $754.11 | $768.67 | $2,284.09 | |
| Sep, 2029 | 58 | $10.94 | $757.73 | $768.67 | $1,526.36 | |
| Oct, 2029 | 59 | $7.31 | $761.36 | $768.67 | $765.01 | |
| Nov, 2029 | 60 | $3.67 | $765.01 | $768.67 | $0.00 | |
Compare Monthly vs. Bi-weekly |
||||||
| Payment Frequency | Monthly | Bi-weekly | ||||
|---|---|---|---|---|---|---|
| Payments / Year | 12 | 26 | ||||
| Each Payment | $768.67 | $384.34 | ||||
| Total Interest | $6,120.24 | $5,509.83 | ||||
| Total Payment | $66,120.24 | $65,509.83 | Total Savings | $0 | $610.42 | |
| Payoff Date | Nov, 2029 | Jun, 2029 | ||||
How does an auto loan work?
An auto loan works just like any other loan. You apply for the auto loan, and once approved, the lender will give you a lump sum to help you finance a car purchase. You then repay the loan with monthly payments. The monthly payments include payments for principal and interest. The monthly payment is determined by the size of the auto loan, interest rate, and terms. The longer the loan terms, the lower the monthly payment, and the more interest you pay.
How to get a car loan?
You can get a car loan from local banks, large national banks like Citibank or Chase, car dealerships, online lenders, and credit unions. There are pros and cons of getting a car loan from these different lenders which we will discuss shortly. Before you apply and start the car loan application process, make sure you do the following first.
1. Check your credit score
Checking your credit score is the first step. Lenders use your credit score to decide whether or not to approve your auto loan, and credit score is what they use to determine the interest rate you will be getting. The higher your credit score, the lower the interest rate. Car buyers can save hundreds or even thousands in interest payments with a good credit score. Therefore, it is critical that you check your credit score before you even begin to shop for cars. If you are responsible with your bills and have a low credit score, you may want to get your credit report to see if there are any errors. If you see any error on your credit report, contact the big credit bureaus, Equifax, Experian, and TransUnion, and have them fix the issue.
2. Compare interest rates & costs
It is recommended that you check interest rates and closing costs with multiple lenders to get the most competitive deal. Following are the lenders you can apply for auto loans.
- Online lenders - Check the interest rates and costs in the comfort of your own home. With online lenders, you don't even need to leave your house to get an auto loan.
- Banks - Your local bank or national banks usually offer the most competitive interest rate. Sometimes, you may even get a reduced rate if you set up auto payment. You can get pre-approved from the bank so that you know how much you can finance and what kind of car you can afford.
- Dealership - While dealership financing is convenient, you buy a car from the dealer and they do all the paperwork for you. However, they may not offer the best interest rate. Many dealerships add markup costs and point to their package so that they make more money from the car buyer.
- Credit unions - They usually offer low fees and competitive interest rates for car loans. Check them and compare them with your bank to see which one gives you a lower rate and lower overall costs.
3. Shopping for a car
After you learn how much loan you can get, you can begin shopping for cars that are within your budget. Compare pricing from different dealerships. You will be amazed how much you can save just by comparing. When the newest model of a car comes out, there will be a big discount for the older models. If you are on a tight budget, consider buying an older model, you could save thousands of dollars. Test drive the cars so that you know which brand and model you like. Once you've decided on which car to buy, call all the dealerships that are within driving distance that sell the brand for their best price. For example, if you want to buy a 2021 Toyota Camry, call all the Toyota dealerships and ask them for their best price. Sometimes, there could be a 1k to 2k difference between the offers from the different dealers. Car dealerships may get bonuses from car manufacturers if they can sell a certain number of cars in a given month, and the sales agent may also get bonuses when they are able to sell a certain amount. If you are lucky and call at the time that they are trying to meet their quota for a bonus, you may be able to negotiate for a further discount.
4. Check out financing options at the dealership
By now, you should know which dealership to purchase your car from. Go to the dealer and check out their financing option. If they offer you a better interest rate than the one you have from your bank, accept it. Sometimes, dealers may lower their markup for financing to win your business. If their rates are higher, then just tell them you already have an auto loan in place. They will work with the bank and get your paperwork done. Follow their instructions on what they need from you and the bank. That's it, follow these 4 steps to get the best interest rate and save money on your new or used car.
Can you get a car loan with bad credit?
A credit score is what lenders check to decide what interest rate to charge. Borrowers with bad credit are viewed as risky to the lenders and therefore they charge a higher interest rate to offset the additional risks. You may still get a car loan with bad credit, but the costs would be much higher.
How to get a car loan with bad credit?
While it is harder to get a car loan with bad credit, it is not impossible. Follow the same 4 steps that we lay out above on how to get a car loan.
- Check your credit score
- Compare interest rates and costs from multiple lenders
- Compare multiple car dealerships to get the best deal on your car
- Compare dealership financing against your bank to see who gives you a better rate
In addition, borrowers with bad credit should save more money for a down payment. They should also try to improve their credit score before buying a car. Be more responsible with their debt and pay on time. Having a sizable down payment and improving your credit score will greatly increase your chance of getting a car loan. Please keep in mind that a bad credit score makes financing costly. You may have to pay a much higher interest rate and higher fees when you try to get a car loan with bad credit. A more affordable option is to consider buying a used car. Used cars are much cheaper than new cars and borrowers with bad credit scores could save thousands of dollars in interest payments. Borrowers who have savings could even buy a used car without getting a car loan.
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