Auto Loan Calculator
An auto loan is an amortizing loan. The term “amortization” refers to the way the loan is paid back – in equal installments. The creditor lends you the principal amount, which is the cost of the car (including taxes and fees). You pay the creditor back plus interest. The principal and interest are paid down (or amortized) in equal payments over the life of the loan. The monthly payments remain the same, but the interest part of the payment decreases while the principal part increases over the course of the loan. You will find below a simple loan calculator to estimate your monthly payments.
Car Loan Calculator
Abstract:
Calculate the monthly payments for a new or used car purchase based on the vehicle loan amount, interest rate, and term (months).
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