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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.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.
Car loan APRs can be complicated, but it’s easy to save on your car insurance when you use the
Jerry
app! Just download the app and answer some quick questions to see your policy options in a comprehensive list. When you find a quote you like, Jerry can help you cancel your old policy and sign up.View full answer
- Gregory R.
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