Financing a new or used vehicle with a PNC Bank auto loan involves understanding how your monthly payment is calculated. This calculator provides an estimate based on key factors: the vehicle price, your down payment, the loan's annual interest rate, and the loan term (duration).
How the Calculation Works:
The monthly payment for an auto loan is typically calculated using an amortization formula. Here's a breakdown of the inputs and the underlying math:
Principal Loan Amount: This is the total amount you need to borrow. It's calculated as:
Principal = Vehicle Price - Down Payment
Annual Interest Rate: This is the yearly percentage charged by PNC Bank for the loan. For the calculation, it needs to be converted into a monthly rate:
Monthly Interest Rate = Annual Interest Rate / 100 / 12
Loan Term: This is the total number of years you have to repay the loan. This needs to be converted into months for the calculation:
Loan Term in Months = Loan Term (Years) * 12
The Amortization Formula: The standard formula for calculating the monthly payment (M) is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
P = Principal Loan Amount
i = Monthly Interest Rate
n = Loan Term in Months
Total Interest Paid: This is the total amount of interest you will pay over the life of the loan. It's calculated by subtracting the principal loan amount from the total amount repaid:
Total Repaid = Monthly Payment * Loan Term in Months Total Interest Paid = Total Repaid - Principal Loan Amount
Using the PNC Auto Loan Calculator:
Enter the details of your potential auto loan into the fields above:
Vehicle Price: The sticker price or agreed-upon price of the car.
Down Payment: The amount of money you'll pay upfront. A larger down payment reduces the principal loan amount, potentially lowering your monthly payments and total interest paid.
Annual Interest Rate: The APR offered by PNC Bank. This is a crucial factor affecting your payment. Be sure to use the rate quoted for your specific loan application.
Loan Term (Years): The duration of the loan. Longer terms usually result in lower monthly payments but mean you'll pay more interest over time. Shorter terms mean higher monthly payments but less total interest.
Click "Calculate Monthly Payment" to see an estimate of your monthly loan obligation and the total interest you can expect to pay.
Important Considerations:
This calculator provides an estimate. Actual loan offers from PNC Bank may vary based on your creditworthiness, current market conditions, specific vehicle, and any additional fees or terms. It's always recommended to get a personalized quote directly from PNC Bank for the most accurate figures.
function calculateAutoLoan() {
var loanAmountInput = document.getElementById("loanAmount");
var downPaymentInput = document.getElementById("downPayment");
var interestRateInput = document.getElementById("interestRate");
var loanTermInput = document.getElementById("loanTerm");
var errorMessageDiv = document.getElementById("errorMessage");
var monthlyPaymentResultDiv = document.getElementById("monthlyPaymentResult");
var totalInterestResultDiv = document.getElementById("totalInterestResult");
// Clear previous error messages and results
errorMessageDiv.textContent = "";
monthlyPaymentResultDiv.textContent = "$0.00";
totalInterestResultDiv.textContent = "Total Interest Paid: $0.00";
// Get input values and convert to numbers
var vehiclePrice = parseFloat(loanAmountInput.value);
var downPayment = parseFloat(downPaymentInput.value);
var annualInterestRate = parseFloat(interestRateInput.value);
var loanTermYears = parseFloat(loanTermInput.value);
// Input validation
if (isNaN(vehiclePrice) || vehiclePrice <= 0) {
errorMessageDiv.textContent = "Please enter a valid Vehicle Price.";
return;
}
if (isNaN(downPayment) || downPayment vehiclePrice) {
errorMessageDiv.textContent = "Down Payment cannot be greater than Vehicle Price.";
return;
}
if (isNaN(annualInterestRate) || annualInterestRate < 0) {
errorMessageDiv.textContent = "Please enter a valid Annual Interest Rate.";
return;
}
if (isNaN(loanTermYears) || loanTermYears <= 0) {
errorMessageDiv.textContent = "Please enter a valid Loan Term (in years).";
return;
}
// Calculations
var principal = vehiclePrice – downPayment;
var monthlyInterestRate = annualInterestRate / 100 / 12;
var loanTermMonths = loanTermYears * 12;
var monthlyPayment = 0;
var totalInterestPaid = 0;
if (monthlyInterestRate === 0) {
// Handle 0% interest rate
monthlyPayment = principal / loanTermMonths;
} else {
// Amortization formula
var numerator = principal * monthlyInterestRate * Math.pow(1 + monthlyInterestRate, loanTermMonths);
var denominator = Math.pow(1 + monthlyInterestRate, loanTermMonths) – 1;
monthlyPayment = numerator / denominator;
}
var totalRepaid = monthlyPayment * loanTermMonths;
totalInterestPaid = totalRepaid – principal;
// Display results, formatted to two decimal places
monthlyPaymentResultDiv.textContent = "$" + monthlyPayment.toFixed(2);
totalInterestResultDiv.textContent = "Total Interest Paid: $" + totalInterestPaid.toFixed(2);
}