Auto Loan Payment Calculator

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Demonstrating the power of the auto loan payment calculator

We recently received this email from a regular visitor to the site that was finding it difficult to calculate just how much per month it was going to cost her to buy a new car using an auto loan. We saw this as a perfect opportunity to demonstrate the power of an auto loan payment calculator.

Hi there

Sorry to bother you and hope I don't sound stupid but I am trying to work out how much it will cost to buy a car that I've spotted. It costs $15,000 and I have $2000 cash to put down on it. I have been pre approved for a new car loan at 4.05% but I have no idea what this will cost me per month. I'd like to have it all paid up in 3 years. Do you have any idea how much it will be?

Thanks

Jess

Our response:

Thank you so much for your email and don't feel stupid at all. Your auto lender should be able to provide you with the exact repayment schedule but if they haven't done this we can certainly help! We are not calculation experts by any means but they are a variety of auto loan payment calculators available online that have enabled us to determine your monthly repayment figure in a matter of seconds.

All we needed for the auto loan payment calculator was to plug in the following information:

  1. Cost of Car minus your cash down payment = $13,000
  2. Term of loan you would like 36 months = 3 years
  3. Car loan interest rate = 4.05%

We must say at this point that that is a fantastic car loan interest rate and well done for finding that!

After we plugged the info into the auto loan payment calculator we simply hit calculate and your monthly automobile loan repayment would be:

$384.10 a month

Hope this has helped you. Of course if this proves to be too much on a monthly basis, you could increase the term of the loan to four or five years. This will decrease the amount you pay per month but you will have to pay more interest as a result. You could use an auto loan payment calculator to determine just how much of a difference this will make. Play around with the figures until you get the best option for you.