About the Car Loan Repayment Calculator
This car loan repayment calculator helps you estimate the cost of financing a vehicle in the currency you choose. Enter the car price, deposit, interest rate, loan term, and any additional fees to see an estimated monthly repayment and the overall cost of the loan.
How to use the car loan calculator
- Enter the car price you expect to pay.
- Enter your deposit, if you are making one.
- Add any fees that you want included in the financed amount.
- Enter the annual interest rate or APR offered by the lender.
- Select the loan term in years.
- Click Calculate repayment to view your estimated monthly payment and total interest.
How is the monthly car payment calculated?
For a standard amortizing loan, the calculator uses the loan amount, monthly interest rate, and number of monthly payments. When the interest rate is greater than zero, the standard amortization formula is used:
Monthly payment = P × r × (1 + r)n ÷ ((1 + r)n − 1)
Here, P is the amount financed, r is the monthly interest rate, and n is the total number of monthly payments. A zero-interest loan is calculated by dividing the amount financed by the number of payments.
What affects your car loan repayment?
- Vehicle price: A higher amount financed generally increases the payment.
- Deposit: A larger deposit reduces the amount that needs to be financed.
- Interest rate: A higher rate generally increases the cost of borrowing.
- Loan term: A longer term can reduce the monthly payment but may increase total interest.
- Fees: Fees included in the financed amount increase the amount borrowed.
Choosing a currency
Select your preferred currency before entering your figures. The calculator uses that currency for displaying the values you enter and the results it calculates. It does not automatically convert an amount from one currency into another, so enter the vehicle price, deposit, and fees in the selected currency.
Important note
This calculator supports multiple currencies for international visitors. The currency changes the display only; it does not convert exchange rates or change the loan mathematics. This calculator provides an estimate and does not constitute a loan offer or financial advice. Actual repayments can vary because lenders may use different rates, fees, payment schedules, taxes, balloon payments, or eligibility criteria. Check the lender's terms before making a borrowing decision.