It could be expressed in years and months. In the next step, choose the payback period ( loan term). We have already explained their meaning in the section car loan payment formula. These are money you have, trade-in value, and sales tax. If you choose the advanced mode, you can provide additional information that helps you to determine the amount of money you need to borrow. In the simple mode, the value in the field loan amount is filled automatically – it is the same as the value in the field price of the car. Then provide an annual interest rate (if you don't know how to calculate annual interest, use our APY calculator). It should be the final price of the car you want to buy. To use our car loan calculator, start by filling in the field Price of the car. You can also forget about all these long hours of counting and use our smart auto financing calculator to obtain all these values. If you want to know what is the total cost of your loan, multiply your monthly payment by the number of months you will pay your loan and then subtract the total amount of the loan from that value: It is your monthly payment in the loan from our example. ![]()
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