![]() ![]() What good is a low payment if it takes you 84 months to pay off the loan? Is the selling price for the car a good deal? What about the trade-in amount the dealership is offering for your car? Ask for the "out-the-door" figures from your salesperson and review them before making a decision. Use our car loan calculator to help you work out how much your monthly payments will be or what. When you obtain a monthly payment, be it from a price quote, negotiation or advertised special, make sure you are aware of all the numbers behind it. Furthermore, these figures will differ for those who lease, so take a look at our articles for information specific to that scenario. ![]() Keep in mind that everyone's situation will be different, so these recommendations are not set in stone. The loan term should ideally be less than 72 months, and you should aim for a down payment of at least 10% or consider GAP insurance. Your loan payment should be no more than 15% of your take-home pay. The general rule for each of these is as follows: It is also important to be aware of how much the loan will total, how much of a down payment you're making, and how long the loan will be. ![]() And though this figure is the easiest to understand, it isn't the only number to be aware of. Just plug in your loan balance and percentage rate, terms and status. It can give you a reality check on whether you can afford the vehicle. This early auto loan payoff calculator configures your best course of amortization. Here is a list of our partners who offer products that we have affiliate links for.The monthly payment is the best indicator of how the car loan will impact your budget. Keep in mind, you’ll receive your funds as a lump sum and have to pay interest on the entire amountso only borrow what you need. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Calculate how much money you want to borrow. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers’ offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. This Loan Payment calculator calculates monthly loan payments for a mortgage, auto or consumer installment loan, and shows principal and interest payment. Multiply the monthly payment by the number of months. First, we provide paid placements to advertisers to present their offers. How to calculate interest on a car loan Calculate the monthly payment using the monthly payment formula. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. ![]()
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