To Calculate Interest Rate on Fixed Deposit

Car Loan Payment Calculator

function calculateCarLoan() { // Get Input Values var price = parseFloat(document.getElementById('vehiclePrice').value); var down = parseFloat(document.getElementById('downPayment').value) || 0; var trade = parseFloat(document.getElementById('tradeInValue').value) || 0; var taxRate = parseFloat(document.getElementById('salesTax').value) || 0; var rate = parseFloat(document.getElementById('interestRate').value); var term = parseInt(document.getElementById('loanTerm').value); // Validation if (isNaN(price) || price <= 0) { alert("Please enter a valid Vehicle Price."); return; } if (isNaN(rate) || rate < 0) { alert("Please enter a valid Interest Rate."); return; } // Calculations // Tax is usually calculated on the price minus trade-in (varies by state, assuming standard here) var taxableAmount = Math.max(0, price – trade); var taxAmount = taxableAmount * (taxRate / 100); // Amount Financed = Price + Tax – Down Payment – Trade In var amountFinanced = (price + taxAmount) – down – trade; // Handle negative financed amount if (amountFinanced <= 0) { document.getElementById('resultSection').style.display = 'block'; document.getElementById('monthlyPaymentResult').innerHTML = "$0.00"; document.getElementById('financedAmountResult').innerHTML = "$0.00"; document.getElementById('totalInterestResult').innerHTML = "$0.00"; document.getElementById('totalCostResult').innerHTML = "$" + (price + taxAmount).toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2}); return; } var monthlyRate = (rate / 100) / 12; var monthlyPayment = 0; var totalInterest = 0; var totalCost = 0; if (rate === 0) { monthlyPayment = amountFinanced / term; totalInterest = 0; } else { // Amortization Formula: P * ( r(1+r)^n ) / ( (1+r)^n – 1 ) var x = Math.pow(1 + monthlyRate, term); monthlyPayment = (amountFinanced * x * monthlyRate) / (x – 1); totalInterest = (monthlyPayment * term) – amountFinanced; } totalCost = price + taxAmount + totalInterest; // Output Results document.getElementById('resultSection').style.display = 'block'; document.getElementById('monthlyPaymentResult').innerHTML = "$" + monthlyPayment.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('financedAmountResult').innerHTML = "$" + amountFinanced.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('totalInterestResult').innerHTML = "$" + totalInterest.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('totalCostResult').innerHTML = "$" + totalCost.toLocaleString('en-US', {minimumFractionDigits: 2, maximumFractionDigits: 2}); }

Understanding Your Auto Loan and Amortization

Purchasing a vehicle is one of the most significant financial decisions many people make, second only to buying a home. Our Car Loan Amortization Calculator helps you look beyond just the monthly payment to understand the true cost of financing a vehicle. By manipulating variables like the down payment, trade-in value, and loan term, you can find a financing structure that fits your budget without overpaying on interest.

Key Factors Affecting Your Monthly Car Payment

When you sit down at the dealership finance office, four main levers determine how much you will pay every month and over the life of the loan:

• Vehicle Price & Fees: This is the starting point. It includes the sticker price plus dealer fees and add-ons. Negotiating this number down is the most direct way to save money.
• Interest Rate (APR): Your Annual Percentage Rate represents the cost of borrowing money. It is heavily influenced by your credit score. A difference of just 2% in APR can save you thousands of dollars over a 60-month term.
• Loan Term: The length of the loan usually ranges from 36 to 84 months. While a longer term (e.g., 72 or 84 months) lowers your monthly payment, it significantly increases the total interest paid and puts you at risk of being "upside-down" on the loan longer.
• Down Payment & Trade-In: Money you pay upfront reduces the principal amount you need to borrow. A larger down payment reduces monthly costs and instant depreciation risk.

What is Car Loan Amortization?

Amortization refers to the schedule of payments used to pay off your loan. In the early stages of your auto loan, a larger portion of your monthly payment goes toward paying off interest. As the principal balance decreases over time, the interest portion of your payment shrinks, and more money goes toward paying down the actual debt (the principal).

The Hidden Cost of Long-Term Loans

It is increasingly common to see 72-month or even 84-month car loans. While these make expensive cars appear more affordable on a monthly basis, they are dangerous for your financial health. Vehicles depreciate rapidly. If you have a long-term loan with a small down payment, you may find yourself owing more on the car than it is worth for several years. This negative equity can make it difficult to sell or trade the vehicle later.

How to Get the Best Rate

To ensure you use this calculator effectively, aim to get pre-approved for a loan from a credit union or bank before visiting a dealership. This gives you a baseline interest rate to compare against the dealer's financing options. If the dealer can beat your pre-approved rate, you win. If not, you already have financing secured.