Car Loan Payment Calculator
With the help of our free car loan calculator, you can estimate your monthly payments for a new or used automobile loan.
Your monthly auto loan payment will be determined by the cost of the vehicle, the down payment, the term of the loan, and the interest rate, which is heavily influenced by your credit score.
In addition, interest rates on used car loans are often higher than on new car loans. Get an idea of what your monthly payment would be on your potential car loan using the data below.
Does it make sense to take out a 72-month auto loan?
Most experts agree that a 72-month loan is not the best option due to high interest rates and the possibility of going overdrawn. Experts advise consumers to take out a smaller loan. A loan term of less than 60 months is also best to get the best interest rate. To learn more about car loans, click here.
What is the monthly payment for a $3,000 car?
Your monthly payment would be about $700 with a loan amount of $30,000, an interest rate of 8% and a repayment period of 60 months. Be sure to set aside money for repairs, gas and insurance before you buy your new vehicle.
Is it a lot of money each month to pay for the car?
According to experts, all monthly car expenses, including payments, insurance, gas and maintenance, should not exceed 20% of your monthly salary. For those of us who are not math experts, let’s say your monthly salary is $4,000. Then $800 a month would be a reliable estimate of car expenses.
Is six years too long for a car loan?
How long should a car loan last? Any loan with a term longer than five years is considered a long-term auto loan because, in the opinion of many experts, once an auto loan reaches five years (60 months), the benefits of the long term are outweighed by the potential problems.
What is a good interest rate for a 72-month auto loan?
The average interest rate on a 72-month auto loan is more than 0.3% higher than the standard interest rate on a new 36-month auto loan.