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How much will a car loan cost me?

How much money would a car loan actually cost me? I know that I would have to pay off the amount that I borrow, which in my case would be $15,000, but I want to know how much extra I would be paying for the loan itself.

avatar
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A $15,000 car loan could cost you anywhere from $1,000 to over $5,000 over time, depending on the APR that your lender offers you. Your APR will be largely determined based on your credit score. If you have an excellent credit score, your APR will be much lower than it would be for someone with a low credit score.
If you want a more exact figure, shop around with some lenders to learn more about your interest rate options. Once you’ve gotten quotes from a few different places, you’ll have a better idea of how much a $15,000 car loan will cost for you specifically.
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:
How to calculate total interest paid on a car loan
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