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What is the payment on a $15,000 car loan?
I’m looking to get a $15,000 car loan for my 17-year-old son. He will be making payments on the car (with my help). What is the monthly payment on a $15,000 car loan?
Michael Miserendino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The monthly payment on a car loan depends on several factors, including the length of your loan term and your APR.
You can estimate your monthly payments using the formula for calculating APR: APR = ((fees + interest / principal / number of days in loan) x 365) x 100
For example: Let’s assume you have great credit and you have an APR of 2.89% for your new car. Using the formula above, you can estimate your monthly payment for various loan terms to be:
- 12 months: $1,269.25
- 24 months: $643.99
- 36 months: $435.49
- 48 months: $331.29
- 60 months: $268.80
- 72 months: $227.17
- 84 months: $197.46
You can also reference an online APR calculator to predict what you might pay with different interest rates.
Remember: These are all rough estimates of what you could pay, but preapproval and working with a lender is the best way to get a more concrete idea of your monthly payments.
Remember other ownership costs: You’re also going to need to budget for full coverage
car insurance
, as lenders will require it when you finance a vehicle, as well as fuel, routine maintenance, and car repairs
.View full answer
- Gregory R.
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