How can I calculate the monthly payment on a $30,000 car loan?
How do I calculate the monthly payment on a $30,000 car loan? I want to buy a car that's $30,000 and I have $5,000 for a down payment. The interest rate is going to be 5%. I want to make sure I'm within my budget.
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Answered on Jun 28, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“The easiest way to do this is to type “car loan calculator” into Google and type in all the relevant information.
You could get into the mathematics of it, but for the sake of ease and brevity, just typing this into a loan calculator online is the easiest method. You already have enough to worry about with your car loan, so don’t complicate the matter further!
Just make sure that the numbers you get from the car loan calculator match what your lender is offering you.
In your case, a $30,000 loan at 5% for 60 months would equal a monthly payment of $566.
Don’t forget that this figure doesn’t account for other car-related expenses such as:
- car insurance.
When you’re tallying your budget, make sure to add these items into the equation. Using a smart online tool like Jerry can help you find the lowest rates for car insurance.”
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