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How much interest will I pay on a car loan?
I am shopping for a car loan and I want to know how much interest I will pay. Is there any way to calculate that without actually signing the loan contract?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
In order to calculate how much interest you’ll pay on your car loan, you’ll need to know your loan amount, the loan term, and the APR. The APR will be set by your lender, but you can get the rate by getting a quote from a lender.
Once you know these three numbers, you can
calculate the total interest
that you’ll pay on a car loan with simple interest using the following equation:Principal loan amount x APR x Loan term (in years) = Total interest
There are also loan interest calculators available online for more complicated interest calculations.
While you’re looking for the best rates on car loans, why not shop for better insurance rates, too? It’s easy 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– for free.MORE: What is a good credit score for a car loan?
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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