Car Loan Calculator
This free car finance calculator tool helps you to work out monthly repayment figures for a car 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 this 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 this car loan calculator are only a guide. Please speak to an independent financial advisor for professional guidance.
Please see the full disclaimer for more information.
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.
What is APR?
APR stands for Annual Percentage Rate and is an important factor in determining the overall cost of a car loan. You can use APR to compare different car finance loan offers. When you arrange a car loan with a finance company or car company, their offer can include extra fees associated with the loan. The APR figure takes all of that into account, giving you an easy percentage interest rate to allow you to compare and shop around. It is generally said that the lower the APR rate is, the better it is for you. Advice from the FSA (UK) is available on their website.
If you have any problems using this car finance calculation tool then please contact me.
