Estimate your monthly auto loan payments with PNC Bank.
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Months
Your estimated monthly payment: $0.00
Understanding Your PNC Auto Loan Payment
When you take out an auto loan from PNC Bank, or any lender, your monthly payment is determined by a standard formula that considers the total amount you borrow, the interest rate charged, and the repayment period. This calculator helps you estimate that payment.
How the Calculation Works
The monthly payment (M) for an auto loan is calculated using the following formula, which is a standard amortization formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Your total monthly loan payment
P = The principal loan amount (the total amount you borrow)
i = Your *monthly* interest rate. This is your Annual Interest Rate divided by 12. For example, if your annual rate is 5%, your monthly rate (i) is 0.05 / 12 = 0.004167.
n = The total number of payments over the loan's lifetime. This is your Loan Term in Months.
Key Factors to Consider:
Loan Amount (Principal): The higher the amount you finance, the higher your monthly payments will be.
Annual Interest Rate (APR): A lower APR means less interest paid over the life of the loan and a lower monthly payment. Your credit score significantly impacts the APR you'll qualify for.
Loan Term (Months): A longer loan term will result in lower monthly payments, but you will pay more interest overall. A shorter term means higher monthly payments but less total interest paid.
Down Payment: While not directly in this calculator, making a larger down payment reduces the principal loan amount (P), thereby lowering your monthly payments and the total interest paid.
Taxes, Fees, and Ancillary Products: The calculated payment typically excludes sales tax, registration fees, dealer fees, and any add-ons like extended warranties or GAP insurance. These will increase your actual total cost.
Using the PNC Auto Loan Calculator
Enter the Loan Amount you wish to finance, the estimated Annual Interest Rate (APR) you expect to receive, and the desired Loan Term in months. The calculator will provide an estimate of your Monthly Payment. Use this tool to compare different scenarios and understand how changes in these variables affect your payments, helping you make informed decisions when applying for an auto loan with PNC.
function updateSliderValue(targetId, value) {
document.getElementById(targetId).value = value;
}
function calculatePncAutoLoan() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var monthlyPayment = 0;
// Input validation
if (isNaN(loanAmount) || loanAmount <= 0) {
alert("Please enter a valid Loan Amount greater than zero.");
return;
}
if (isNaN(interestRate) || interestRate <= 0) {
alert("Please enter a valid Annual Interest Rate greater than zero.");
return;
}
if (isNaN(loanTerm) || loanTerm 0) {
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// If interest rate is 0, payment is simply principal divided by term
monthlyPayment = loanAmount / numberOfPayments;
}
var formattedMonthlyPayment = monthlyPayment.toFixed(2);
document.querySelector("#result span").textContent = "$" + formattedMonthlyPayment;
}