Car Loan Calculator
This car finance calculator tool helps you to work out monthly repayment figures for a vehicle loan. Choose the vehicle value (or amount of the loan), the annual interest rate (percentage), the number of years and any initial deposits or end balloon payments. Then click 'calculate'. The calculator will break down the payments on a month-by-month basis.
Whilst every effort has been made in building the car loan calculator tool, I am not to be held liable for any special, incidental, indirect or consequential damages or monetary losses of any kind arising out of or in connection with the use of the calculator tools and information derived from the web site. This car loan calculator is here purely as a service to you, please use it at your own risk.
The calculations given by the car loan calculator are only a guide. Please speak to an independent financial advisor for professional guidance. Read the full disclaimer.
What is the car loan calculator?
The car loan calculator helps you fully work out the costs associated with purchasing a vehicle on credit. Once you have entered the amount, the interest rate and the period of the loan, the calculator will produce some important figures, allowing you to assess the loan.
The first key figure given to you will be the total cost for the car loan, including all of the interest. You will then be presented with the regular payments and the total interest that you stand to pay.
As an additional feature, the car loan calculator breaks down the monthly payments, showing you how much of the monthly payment is for the capital and how much is interest, together with the balance remaining at that point in time.
From all of this information you should be able to gauge whether you think it is worthwhile going ahead with the car loan or not.
What is a balloon payment?
A balloon payment is a large, lump-sum payment made at the end of a long-term loan. It is commonly used in car finance loans as a way of reducing monthly repayment figures. Be aware that once you reach the end of your loan period, that balloon amount becomes payable. You can learn more about balloon payments in our article, What is a balloon payment?
If you have any problems using this car finance calculation tool then please contact me.
The simple guide to boosting your credit score
Simple mortgage refinancing tips you need to know
What is the difference between nominal, effective and APR interest rates?
What is a balloon payment and how can it benefit you?
Why bigger really is better: 5 arguments in support of big banks
5 of the most common bank loans and how they work