Car Loan Calculator: How Much Will You Pay Monthly?
Introduction
Buying a car often means taking out an auto loan. Knowing your monthly payment is key.
What Determines Your Payment?
- Loan amount.
- Interest rate (APR).
- Loan term (years).
- Down payment.
Example Calculation
$25,000 car, 6% APR, 60 months:
- Monthly payment = about $483.
- Total interest = about $3,980.
Why Use a Car Loan Calculator?
It helps you see total costs and compare offers.
Tips
- Make a bigger down payment.
- Shop for the lowest APR.
- Avoid very long loan terms.
Sources
Disclaimer: This article is for educational purposes only and does not constitute financial advice.