Car Loan Calculator
Estimate car loan repayments based on purchase price and loan terms.
Car Purchase Details
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Calculation Results
Monthly Repayment
$0.00
Loan Amount
$0
Total Interest
$0
Sales Tax
$3,000
Total Cost
$0
Cost Breakdown
Car Price: $30,000
Sales Tax: $3,000
Interest: $0
Down Payment: $5,000
About Car Loans
This car loan calculator helps you estimate your monthly car loan repayments based on the purchase price, down payment, trade-in value, loan term, and interest rate.
The formula used to calculate the loan amount is:
Loan Amount = Car Price + Sales Tax - Down Payment - Trade-In Value
The monthly repayment is then calculated using the standard loan repayment formula:
Monthly Repayment = P × [r(1+r)^n] / [(1+r)^n - 1]
Where:
- P = Loan amount
- r = Monthly interest rate (annual rate divided by 12 and by 100)
- n = Total number of payments (loan term in months)
Tips for Car Loans:
- A larger down payment will reduce your monthly repayments and total interest paid
- Shorter loan terms typically have higher monthly repayments but lower total interest costs
- Consider pre-approval to know your budget before shopping for a car
- Compare offers from multiple lenders to find the best interest rate
For personalized car loan options and expert advice, please contact our finance specialists.