Solve using CalculatorSoup Loan Calculator. You may also need to give up certain incentives. You’ll need the price, trade-in values, and interest rates and/or rebates available on the vehicle, then our monthly car payment calculator will quickly forecast what your payment will be each month.
Should You Borrow For: 36, 48, 60 or 72 Months? Calculation: Find the Loan Amount Interest Rate: % 6 How much of a loan can to take? Having a 60 month used car loan has both its pros and cons.The advantage of longer term loans is that you have longer to pay, and get a lower monthly payment. Example: Your bank offers a loan at an annual interest rate of 6% and you are willing to pay $250 per month for 4 years (48 months).
Enter your loan details and click calculate. Every car shopper is unique and so are the many deals on new cars.
60 months: 4.71%--48 ... 5.26%: How to use the auto loan calculator to find the right car. This doesn't account for insurance, maintenance, gas, or other costs. If the rebate is $1,000 it would be to your advantage to take the 0% financing because the $1,000 rebate is less than the $2,645.48 … On the other hand, you may be paying less per month, but you will be paying much more than the original principal when compared to a shorter term loan like a 36 or 48 month loan. It's a tough question. It will also be tempting to pay the minimum and end up with a car that is "under water." For instance, using our loan calculator, if you buy a $20,000 vehicle at 5% APR for 60 months the monthly payment would be $377.42 and you would pay $2,645.48 in interest.
For individual consumers, however, rates vary based on credit score, term length of the loan, age of the car being financed, and other factors relevant to a lender’s risk in offering a loan. Usually the 60 month loan has a higher interest rate. Never sign up to a loan longer than 48 months.
If everything is equal, I would take the 60 month but pay it off like it was a 36 month. The national average for US auto loan interest rates is 5.27% on 60 month loans. See rates for new and used car loans, and find auto loan ... Rates vary depending on credit score and loan term. Do your research and plug in all the variables. Since cars are getting outrageously expensive so the dealers have made 60 and 72 month loans or 5 year leases popular. How much is the monthly payment of a 48 month car loan for $9,000? What's the payment on a $9,000 auto loan paid over 48 months?