How much will my car loan be per month?

I want to get a car loan. Before I do, I need to know how much I can expect to pay each month. What’s the easiest way to figure out my monthly loan payments?

The cost of a car loan per month will vary depending on several factors, most notably:
  • The cost of your vehicle
  • The length of your loan
  • The interest rate
  • Whether the car is new or used
  • Your down payment
  • Your credit score
To find out how much your monthly loan payments will be, plug the aforementioned information into a loan calculator on websites such as Investopedia or Carvana, and they will be able to calculate your monthly payment. You can even find out what portion of it goes to interest.
Note that this figure will be an approximation, as there are often fees associated with loans that are omitted from most quotes. However, the calculator should be able to help you create a car loan budget.
Once you’ve made several on-time loan payments and your credit score has improved, you can always try refinancing your loan with the Jerry app to save money on your interest rate!
Jerry allows you to compare quotes from multiple lenders without the hassles of research and paperwork. Get instantly connected to top companies that will give you the best rate for your budget.
Chloe Jenkins
Answered on Nov 17, 2021

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