Estimate your monthly auto loan payments with Capital One.
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Estimated Monthly Payment:
$0.00
Understanding Your Capital One Auto Loan Payment
When you're looking to finance a vehicle with a Capital One auto loan, understanding how your monthly payment is calculated is crucial.
This calculator helps you estimate these payments based on key factors: the vehicle price, your down payment, the annual interest rate,
and the loan term (duration of the loan). Capital One offers various auto financing options, and this tool provides a good approximation
for standard auto loans.
The Math Behind the Calculation:
The calculation for a fixed-rate loan, like most auto loans, uses a standard amortization formula.
The formula to calculate the monthly payment (M) is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Your total monthly loan payment.
P = The principal loan amount (Vehicle Price – Down Payment).
i = Your *monthly* interest rate. This is calculated by taking the Annual Interest Rate and dividing it by 12 (e.g., 5.5% annual rate becomes 0.055 / 12 = 0.004583 monthly).
n = The total number of *months* you will be paying the loan (Loan Term in Years * 12).
For example, if you're financing a vehicle with a price of $30,000 and make a $5,000 down payment, your principal loan amount (P) is $25,000.
If you secure an auto loan with a 6% annual interest rate over 5 years, your monthly interest rate (i) would be 0.06 / 12 = 0.005,
and the total number of payments (n) would be 5 * 12 = 60 months. Plugging these into the formula allows us to determine the estimated monthly payment.
How to Use This Calculator:
Vehicle Price: Enter the total purchase price of the car you intend to buy.
Down Payment: Input the amount of money you plan to pay upfront. This reduces the total loan amount.
Annual Interest Rate: Enter the estimated Annual Percentage Rate (APR) you might receive from Capital One. This is a critical factor in your total interest paid.
Loan Term: Select the duration of the loan in years. Shorter terms mean higher monthly payments but less interest paid overall, while longer terms result in lower monthly payments but more interest over time.
Click "Calculate Monthly Payment" to see an estimate of your recurring payment. This tool is for estimation purposes only and does not guarantee loan approval or specific rates from Capital One. Actual loan terms and payments may vary. It's always recommended to get pre-approved by Capital One for the most accurate figures.
function calculateAutoLoan() {
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var interestRate = parseFloat(document.getElementById("interestRate").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var resultDiv = document.getElementById("result");
var monthlyPaymentDisplay = document.getElementById("monthlyPaymentDisplay");
// Input validation
if (isNaN(loanAmount) || isNaN(downPayment) || isNaN(interestRate) || isNaN(loanTerm)) {
alert("Please enter valid numbers for all fields.");
resultDiv.style.display = 'none';
return;
}
if (loanAmount <= 0) {
alert("Vehicle price must be greater than zero.");
resultDiv.style.display = 'none';
return;
}
if (downPayment < 0) {
alert("Down payment cannot be negative.");
resultDiv.style.display = 'none';
return;
}
if (interestRate < 0) {
alert("Interest rate cannot be negative.");
resultDiv.style.display = 'none';
return;
}
if (loanTerm <= 0) {
alert("Loan term must be at least 1 year.");
resultDiv.style.display = 'none';
return;
}
var principal = loanAmount – downPayment;
if (principal 0) {
// Standard amortization formula
monthlyPayment = principal * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// If interest rate is 0, payment is simply principal divided by number of payments
monthlyPayment = principal / numberOfPayments;
}
monthlyPaymentDisplay.textContent = "$" + monthlyPayment.toFixed(2);
resultDiv.style.display = 'block';
}