Auto Loan
Calculate car loan payments, interest, and total cost
Calculators on this site provide estimates for general informational purposes only. They are not financial, investment, tax, or legal advice. Consult a qualified professional before making any decision.
How to use Auto Loan
- 1Enter car price, down payment (percent or amount), term, and annual rate.
- 2Pick equal-installment (flat monthly) or equal-principal (higher early, lower later).
- 3See monthly payment, total interest, total repaid, and early-payoff savings.
Auto loan payment: equal installment vs equal principal
payment ≈ P×r×(1+r)^n ÷ ((1+r)^n − 1)Auto loans usually use equal installment: fixed monthly payment, with interest dominating early and principal later. Equal principal keeps principal flat and payments decline.
Rate and term hugely affect total interest. On a 200k loan, 4%→8% can double the interest; shortening by a year also saves a lot.
Compare down-payment, term, and rate combos to pick the plan with both manageable payment and lower total interest.
Frequently asked questions
Which is better, equal installment or principal?
Equal principal pays less total interest but higher early payments. Choose installment if cash-flow tight; principal if you can afford early and want savings.
Is 0% financing really free?
Often the rate is baked into a higher car price or fees, and 0% is short-term. Compare '0% price' vs 'normal loan price' for true cost.
How much does early payoff save?
You pay principal early, so later interest stops. Savings depend on remaining principal and term—earlier pays off more (watch prepayment penalties).
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