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How can I figure out my car loan payments?
I want to get a new Mercedes. Before I get carried away and jump into another loan, I need to find out how much I would be paying. What’s the easiest way to calculate car loan payments?
Chloe Jenkins · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Figuring out
car loan
payments used to involve a lot of math and imprecision. But now you can simply use an online car loan calculator to arrive at a pretty accurate estimate.To figure out how much your car loan payments will be, you’ll need the following information:
- The cost of your vehicle
- Your credit score
- The interest rate
- Whether the car is new or used
- Your down payment
- The length of your loan
Simply input those figures into an online loan calculator on sites like Carvana, Investopedia, or Edmunds. The calculator will give you an approximate monthly loan payment, as well as how much of that payment will go to interest.
After you’ve had your loan for a little while and your credit score has improved, you may want to consider refinancing. Refinancing your auto loan is a great way to lower your interest rate and monthly car payments.
Finding the right lender can be stressful and time-consuming, so
Jerry
makes it simple! Just download the app and compare top lenders. Answer a few questions to be instantly matched with multiple lenders that meet your financial needs.MORE: Does refinancing a car hurt your credit score?
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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