How do you calculate the APR on a car loan?

What do I do to calculate the APR on my car loan? I’m trying to compare my current loan to other options but I’m having trouble finding the APR.

Answer
You can use Microsoft Excel or Google Sheets to calculate the APR on your car loan. You’ll need to know:
  • Your monthly payment amount
  • The term of the loan
  • The value of the loan without fees
If you don’t know your monthly payment amount, you can calculate it by typing this formula into a blank cell in your spreadsheet: =PMT(interest rate as a decimal/12, number of months in loan term, loan amount, with fees)
The result should be a negative number. Once you have this number, you can calculate your APR by typing in this formula: =RATE(number of months in loan term, estimated monthly payment as a negative number, value of loan minus fees)*12
The result should be an approximate APR for your loan.
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Liz Jenson
Answered on Dec 14, 2021
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