Car Loan Calculator Definition
This is a free online Car Loan Calculator that you can use to calculate your payment for your car loan. By simply entering the amount of the loan, the interest rate, and how many years you have to pay it back, this calculator will calculate how many payments you will need to make and the monthly payment amount in dollars.
At the top of the Car Loan Calculator, you should enter the car loan amount in dollars. Next, in the box below this, you need to enter the annual interest rate. Below this there is a box for the term of the car loan. Here you enter how many years you have to complete this loan. Once you have completed this information, you need to click calculate on the Car Loan Calculator. The calculator will automatically tell you the number of monthly payments you will need to make to pay off this loan and at the bottom it shows the dollar amount of these monthly payments. If there is an error in these two boxes, check the purchase price, annual interest rate, and term, then press calculate again. This should fix the errors.