Monthly Payment: $
Total Interest Paid: $
Payoff Time: months
Interest Saved: $
New Payoff Time: months
Tip: Adding extra payments can save you more on interest, especially for higher-rate used car loans!
Compare Different Loan Terms
| Term (months) | Monthly Payment | Total Interest | Total Payment | Interest Saved (Extra 1) | New Term (Extra 1) | Interest Saved (Extra 2) | New Term (Extra 2) | Interest Saved (Extra 3) | New Term (Extra 3) |
|---|
Amortization Schedule
| Month | Principal | Interest | Extra | One-Time Payment | Balance |
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How It Works
Our Car Payoff Calculator helps you plan your car loan repayment, whether for a new or used car. In the U.S., new car loans typically have lower rates (2%-5%) and longer terms (60-84 months), while used car loans have higher rates (5%-8%) and shorter terms (36-60 months). Enter your loan details, including any additional fees like registration or taxes, to see your monthly payments, total interest, and payoff timeline. Use the "Extra Payments" feature to explore how additional payments can reduce interest and shorten your loan term. You can also add a one-time payment to see its impact on your repayment schedule.
Tips to Pay Off Your Car Loan Faster
- Make Extra Payments: Even small extra payments can significantly reduce your total interest and shorten your loan term.
- Pay Biweekly: Splitting your monthly payment into biweekly payments can lead to an extra payment each year, accelerating payoff.
- Refinance for a Lower Rate: If rates drop or your credit improves, refinancing can save you money on interest.
- Avoid Unnecessary Fees: Negotiate dealer fees (like documentation fees) and avoid add-ons you don’t need.
Want to learn more? Check out our FAQ or read our blog post on saving money with a car payoff calculator.