Estimate your monthly payments for a used car loan with Navy Federal Credit Union. Enter the details below to see how much you might pay.
7.5%
60 Months
Your Estimated Monthly Payment
$0.00
Total Interest Paid: $0.00
Total Amount Repaid: $0.00
Understanding Your Navy Federal Used Car Loan
Securing financing for a used car is a significant step, and understanding the loan terms is crucial. Navy Federal Credit Union offers competitive rates and terms for their members. This calculator is designed to help you estimate your monthly payments, total interest paid, and the total amount you'll repay for a used car loan.
How the Calculator Works: The Math Behind the Payment
The calculation is based on the standard Amortization Formula for a fixed-rate loan. This formula helps determine the fixed monthly payment (M) required to repay a loan over a specific period. The formula is as follows:
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 for the car)
i = Your monthly interest rate (the Annual Interest Rate divided by 12)
n = The total number of payments over the loan's lifetime (the Loan Term in months)
Key Inputs Explained:
Loan Amount: This is the total price of the used car minus any down payment you make.
Annual Interest Rate: This is the yearly rate charged by Navy Federal for the loan. A lower rate means less interest paid over time. Remember, the calculator uses the *monthly* interest rate (Annual Rate / 12).
Loan Term: This is the total duration of the loan, expressed in months. A longer term generally results in lower monthly payments but more total interest paid.
Navy Federal Considerations:
Navy Federal Credit Union is a member-owned cooperative, meaning profits are returned to members in the form of lower loan rates and fewer fees. When considering a used car loan:
Membership Eligibility: Ensure you meet the eligibility requirements for Navy Federal membership.
Pre-approval: Getting pre-approved can strengthen your negotiating position at the dealership and give you a clear understanding of your borrowing power and interest rate.
Loan Types: Navy Federal offers specific auto loan products, often with competitive rates for both new and used vehicles. Check their official website for the most current offers and rates, as they can vary.
GAP Insurance: Consider if GAP (Guaranteed Asset Protection) insurance is appropriate for your loan, especially if you are making a small down payment.
Using the Calculator Effectively:
Experiment with different loan amounts, interest rates, and terms to see how they impact your monthly budget. For instance, increasing your down payment (reducing the loan amount) or opting for a slightly higher interest rate with a shorter term might lead to significant savings in total interest paid. This tool provides an estimate; actual loan offers from Navy Federal may include additional fees or slightly different calculations.
// Update slider value display
var interestRateSlider = document.getElementById("interestRate");
var interestRateValue = document.getElementById("interestRateValue");
interestRateValue.innerHTML = interestRateSlider.value + "%";
interestRateSlider.oninput = function() {
interestRateValue.innerHTML = this.value + "%";
}
var loanTermSlider = document.getElementById("loanTerm");
var loanTermValue = document.getElementById("loanTermValue");
loanTermValue.innerHTML = loanTermSlider.value + " Months";
loanTermSlider.oninput = function() {
loanTermValue.innerHTML = this.value + " Months";
}
function calculateLoan() {
var loanAmountInput = document.getElementById("loanAmount");
var interestRateInput = document.getElementById("interestRate");
var loanTermInput = document.getElementById("loanTerm");
var principal = parseFloat(loanAmountInput.value);
var annualRate = parseFloat(interestRateInput.value);
var termInMonths = parseInt(loanTermInput.value);
var monthlyPaymentResult = document.getElementById("monthlyPayment");
var totalInterestResult = document.getElementById("totalInterest");
var totalRepaymentResult = document.getElementById("totalRepayment");
// Clear previous results
monthlyPaymentResult.textContent = "$0.00";
totalInterestResult.textContent = "Total Interest Paid: $0.00";
totalRepaymentResult.textContent = "Total Amount Repaid: $0.00";
// Validate inputs
if (isNaN(principal) || principal <= 0) {
alert("Please enter a valid loan amount.");
return;
}
if (isNaN(annualRate) || annualRate <= 0) {
alert("Please enter a valid annual interest rate.");
return;
}
if (isNaN(termInMonths) || termInMonths 0) {
monthlyPayment = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
} else {
// If interest rate is 0, payment is just principal / term
monthlyPayment = principal / numberOfPayments;
}
totalRepayment = monthlyPayment * numberOfPayments;
totalInterest = totalRepayment – principal;
// Format results to two decimal places
var formattedMonthlyPayment = "$" + monthlyPayment.toFixed(2);
var formattedTotalInterest = "$" + totalInterest.toFixed(2);
var formattedTotalRepayment = "$" + totalRepayment.toFixed(2);
monthlyPaymentResult.textContent = formattedMonthlyPayment;
totalInterestResult.textContent = "Total Interest Paid: " + formattedTotalInterest;
totalRepaymentResult.textContent = "Total Amount Repaid: " + formattedTotalRepayment;
}