Car Loan Calculator
What is a Car Loan Calculator?
A Car Loan Calculator helps you estimate your monthly auto loan payments based on the vehicle price, down payment, interest rate, and loan term.
Key Components:
- Principal Amount: The total money you borrow after the down payment.
- APR (Interest Rate): The annual cost of the loan expressed as a percentage.
- Loan Term: The duration of the loan (usually 2 to 7 years).
- Down Payment: The upfront cash paid to reduce the loan amount.
Tip: A higher down payment can significantly reduce your monthly EMI and total interest paid.