Estimate monthly car payments and total interest.
Monthly payment M = P × [r(1+r)^n] / [(1+r)^n − 1], with P the loan amount, r the monthly rate, and n the number of months.
A $25,000 auto loan at 6.5% for 60 months costs about $489/month.
A longer term lowers the monthly payment but increases total interest. A shorter term costs more per month but far less overall.
A down payment reduces the loan amount, lowering both the monthly payment and total interest, and may help you avoid being underwater.
No. Sales tax, registration, and dealer fees are not included unless you fold them into the loan amount you enter.
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