Auto Loan Calculator
body {
font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif;
line-height: 1.6;
margin: 0;
padding: 20px;
background-color: #f8f9fa;
color: #333;
}
.loan-calc-container {
max-width: 800px;
margin: 30px auto;
padding: 30px;
background-color: #ffffff;
border-radius: 8px;
box-shadow: 0 4px 15px rgba(0, 0, 0, 0.1);
}
h1, h2 {
color: #004a99;
text-align: center;
margin-bottom: 20px;
}
.input-group {
margin-bottom: 20px;
padding: 15px;
border: 1px solid #e0e0e0;
border-radius: 5px;
background-color: #fdfdfd;
}
.input-group label {
display: block;
margin-bottom: 8px;
font-weight: bold;
color: #004a99;
}
.input-group input[type="number"],
.input-group input[type="range"] {
width: calc(100% – 20px);
padding: 10px;
margin-top: 5px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 16px;
}
.input-group input[type="range"] {
width: 100%;
cursor: pointer;
}
button {
display: block;
width: 100%;
padding: 12px 20px;
background-color: #004a99;
color: white;
border: none;
border-radius: 5px;
font-size: 18px;
cursor: pointer;
transition: background-color 0.3s ease;
margin-top: 10px;
}
button:hover {
background-color: #003b7d;
}
#result {
margin-top: 30px;
padding: 25px;
background-color: #e8f4ff;
border: 1px solid #b3d7ff;
border-radius: 5px;
text-align: center;
}
#result h3 {
margin-top: 0;
color: #004a99;
font-size: 22px;
}
#monthlyPayment {
font-size: 28px;
font-weight: bold;
color: #28a745;
}
#totalPayment, #totalInterest {
font-size: 18px;
margin-top: 10px;
color: #555;
}
.article-content {
margin-top: 40px;
padding: 25px;
background-color: #ffffff;
border-radius: 8px;
box-shadow: 0 4px 15px rgba(0, 0, 0, 0.1);
}
.article-content h2 {
text-align: left;
color: #004a99;
border-bottom: 2px solid #004a99;
padding-bottom: 5px;
margin-bottom: 15px;
}
.article-content p, .article-content ul, .article-content li {
margin-bottom: 15px;
color: #444;
}
.article-content strong {
color: #004a99;
}
@media (max-width: 768px) {
.loan-calc-container {
margin: 20px auto;
padding: 20px;
}
h1 {
font-size: 24px;
}
button {
font-size: 16px;
}
#monthlyPayment {
font-size: 24px;
}
}
Auto Loan Calculator
Loan Amount ($)
Annual Interest Rate (%)
Loan Term (Years)
Calculate Loan Payments
Your Loan Payment Breakdown
$0.00
Total Paid: $0.00
Total Interest: $0.00
Understanding Your Auto Loan
An auto loan is a type of loan used to purchase a new or used vehicle. The loan is secured by the vehicle itself, meaning if you fail to make payments, the lender can repossess the car. Auto loans typically have fixed interest rates and repayment terms, making them a predictable way to finance a vehicle.
How the Auto Loan Calculator Works
This calculator helps you estimate your monthly car payments, the total amount you'll pay over the life of the loan, and the total interest you'll accrue. It uses the standard Amortization Formula for calculating loan payments:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Your total monthly loan paymentP = The principal loan amount (the amount you borrow)i = Your monthly interest rate (annual rate divided by 12)n = The total number of payments over the loan's lifetime (loan term in years multiplied by 12)
Example Calculation:
Let's say you want to buy a car for $20,000 with an annual interest rate of 5.0% and a loan term of 5 years.
Principal (P) = $20,000
Annual Interest Rate = 5.0%
Monthly Interest Rate (i) = 5.0% / 12 months = 0.05 / 12 = 0.00416667
Loan Term = 5 years
Total Number of Payments (n) = 5 years * 12 months/year = 60 months
Plugging these values into the formula:
M = 20000 [ 0.00416667(1 + 0.00416667)^60 ] / [ (1 + 0.00416667)^60 – 1]
M = 20000 [ 0.00416667(1.00416667)^60 ] / [ (1.00416667)^60 – 1]
M = 20000 [ 0.00416667 * 1.283358 ] / [ 1.283358 – 1]
M = 20000 [ 0.0053473 ] / [ 0.283358 ]
M = 106.946 / 0.283358
M ≈ $377.42
So, your estimated monthly payment would be approximately $377.42.
Total Paid: $377.42/month * 60 months = $22,645.20
Total Interest Paid: $22,645.20 (Total Paid) – $20,000 (Principal) = $2,645.20
Factors Affecting Your Auto Loan
Credit Score: A higher credit score generally leads to lower interest rates.Loan Term: Longer terms mean lower monthly payments but higher total interest paid.Down Payment: A larger down payment reduces the principal loan amount, lowering monthly payments and total interest.Vehicle Age and Mileage: Newer, lower-mileage vehicles may qualify for better loan terms.
Use this calculator to explore different scenarios and find a car loan that fits your budget and financial goals.
function updateInterestRate() {
var rateSlider = document.getElementById("interestRateSlider");
var rateInput = document.getElementById("interestRate");
rateInput.value = rateSlider.value;
calculateAutoLoan();
}
function updateLoanTerm() {
var termSlider = document.getElementById("loanTermSlider");
var termInput = document.getElementById("loanTerm");
termInput.value = termSlider.value;
calculateAutoLoan();
}
function calculateAutoLoan() {
var principal = parseFloat(document.getElementById("loanAmount").value);
var annualRate = parseFloat(document.getElementById("interestRate").value);
var loanTermYears = parseFloat(document.getElementById("loanTerm").value);
var monthlyPaymentDisplay = document.getElementById("monthlyPayment");
var totalPaymentDisplay = document.getElementById("totalPayment");
var totalInterestDisplay = document.getElementById("totalInterest");
// Clear previous results if inputs are invalid
monthlyPaymentDisplay.textContent = "$0.00";
totalPaymentDisplay.textContent = "Total Paid: $0.00";
totalInterestDisplay.textContent = "Total Interest: $0.00";
if (isNaN(principal) || principal <= 0 ||
isNaN(annualRate) || annualRate < 0 ||
isNaN(loanTermYears) || loanTermYears <= 0) {
// Optionally display an error message to the user
return;
}
var monthlyRate = annualRate / 100 / 12;
var numberOfPayments = loanTermYears * 12;
var monthlyPayment = 0;
var totalPayment = 0;
var totalInterest = 0;
if (monthlyRate === 0) {
// Handle 0% interest rate
monthlyPayment = principal / numberOfPayments;
} else {
// Amortization formula
monthlyPayment = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
totalPayment = monthlyPayment * numberOfPayments;
totalInterest = totalPayment – principal;
// Format to 2 decimal places for currency
monthlyPaymentDisplay.textContent = "$" + monthlyPayment.toFixed(2);
totalPaymentDisplay.textContent = "Total Paid: $" + totalPayment.toFixed(2);
totalInterestDisplay.textContent = "Total Interest: $" + totalInterest.toFixed(2);
}