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How do I calculate the interest rate on my car loan?
How can I calculate the interest rate on my car loan? I want to make sure that I’m still paying the best rate, but I don’t remember what my interest rate is and I can’t find any of the documents.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
- First, multiply the principal of the loan by the yearly interest rate as specified on your loan contract. If you can’t find the yearly interest rate on your loan contract, you can ask your lender.
- Next, multiply the resulting number by the number of years in your loan term. This will tell you the total amount of interest that you’ll pay on your loan.
- To find the monthly interest payment, simply divide this number by the number of months in the loan term.
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