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How do you work out the APR on a car loan?
Is there a way that I can work out the APR on a car loan on my own? I just want to know the exact rate so I can compare it to other places.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s important to shop around for the best loan, so it’s great you’re calculating your APR. To work out the APR on a car loan, you can contact your lender. They can give you information about your loan, including the APR or any other information that you’d like to know. Once you have an official agreement, you can also use that to find your loan’s information.
If you’d rather work out the APR yourself, you can use the RATE function on Microsoft Excel or Google Sheets. Just type in the following equation:
**=RATE(number of payments, payment amount, value of loan minus any fees required to get the loan, final value) 12**
Once you’ve typed this equation into a blank cell on Excel, plug in the numbers specific to your car loan. Be sure not to include any fees in the loan value, as this will change the APR value. You should use 0 for the final value and put a negative sign in front of the payment amount.
You can also figure out the APR by hand using the following equation:
APR = (((total fees + total interest / principal) / days in the loan term) 365) 100)
Again, you’ll need to review your loan documents or contact your lender to find the correct numbers.
It might take some work to find your loan APR, but it’s quick and easy to find the right insurance policy for your vehicle 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 will help you switch companies. View full answer
- Gregory R.
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