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How do I calculate my interest on a car loan?
I'm a curious person who wants to know how much I’m paying in interest on my loans. How do I figure out the amount on a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Knowing how much interest you pay on your
car loan
can light a fire under you to pay the loan off early—especially when you realize it could be thousands of dollars over the course of the loan.While you could do all of the math and algebra to figure out how much you’re paying each month, don’t waste your time needlessly. Instead, use one of these two options:
- Use an online loan calculator
- Ask your lender for an amortization schedule, which breaks down how much interest you pay on a month-by-month basis
Since you’re getting a car loan, you should also consider what type of insurance coverage you need. Lenders will require full coverage car insurance, but you can find ways to save on maximum coverage. Use the
Jerry
app to compare quotes from dozens of insurers so you get the best rates for your new ride.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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