Estimate your monthly car payment for any loan amount, interest rate, and term. Instantly compares 48, 60, and 72 month terms and shows total interest paid.
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Car payments are calculated using the standard loan amortization formula. Each monthly payment covers the interest on the remaining balance plus a portion of the principal. Early payments are mostly interest; later payments are mostly principal.
The formula: PMT = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1] where P is the amount financed, r is the monthly interest rate (annual rate ÷ 12), and n is the number of months.
A longer loan term lowers your monthly payment but increases total interest paid. A shorter term costs more per month but saves money overall. For BHPH loans with higher interest rates, a shorter term can save hundreds or thousands in interest.
Buy Here Pay Here dealers in California typically charge 18–29.99% APR, compared to 5–12% at banks and credit unions. California does not cap interest rates on vehicle contracts above $2,500. Always compare the total cost of the loan — not just the monthly payment.
Calculator results are estimates for planning purposes only. Actual loan terms vary by lender. Always verify with your dealer or lender before making financial decisions.