Calculate Cost of Monthly Used Car Loan Payments

Updated November 03, 2020

In the market for a used car? Our used car loan calculator will show your monthly payment, a breakdown between principal and interest, and a full payment schedule for your car purchase.

Loan Amount:
Term (years):
Annual Interest Rate (%):
= Monthly Payment

My Monthly Car Payment Will Be...

If you borrow   to buy a used car at   interest for   years, your monthly payment will be  .

Your monthly car payments will not change over the term of your loan. Instead, the amount of your payment that pays off the principal will change every month. As you continue to pay down the principal balance on your loan, you will pay less interest with each passing month.

See your used car loan payment amortization schedule


What Will My Monthly Used Car Loan Payment Be? 

Before buying a used car, it’s a great idea to check out our used car loan calculator. It will provide a clearer picture of your required monthly loan payments while showing a full payment schedule for your car purchase. Our used car loan calculator also shows the breakdown between the monthly principal and interest owed.

Your monthly payment is dependent on the amount of money borrowed, the annual interest rate, and the loan term (the time period during which you’ll repay the loan). 

For example, if you plan to borrow $15,000 at 4.5% interest and repay it over 6 years, enter:

  • "$15,000" for your Loan Amount

  • "6" as the Term, and 

  • "4.5%" as the Annual Interest Rate.