Car Loan Payments - Financing Scenarios
Typically, people pre-determine the amount they can afford each month for their car payment.
You can use Debt Reduction Calculator to change the interest rate and loan length, while keeping the monthly payment constant,
with the objective to minimize overall costs.
| Lower payments, longer loan |
| % Interest |
Payment |
Years |
Principal |
Interest |
| 3.99% |
$199 |
6 |
$12,723 |
$1,605 |
| 7.99% |
$199 |
6 |
$11,353 |
$2,975 |
| 9.99% |
$199 |
6 |
$10,745 |
$3,583 |
| 14.99% |
$199 |
6 |
$9,414 |
$4,914 |
| Most you can finance under these terms is $12,723 |
| Higher payments, shorter loan |
| % Interest |
Payment |
Years |
Principal |
Interest |
| 3.99% |
$349 |
4 |
$15,460 |
$1,292 |
| 7.99% |
$349 |
4 |
$14,708 |
$2,525 |
| 9.99% |
$349 |
4 |
$14,157 |
$3,075 |
| 14.99% |
$349 |
4 |
$12,903 |
$4,330 |
| Most you can finance under these terms is $15,460 |
| Medium payments, medium loan |
| % Interest |
Payment |
Years |
Principal |
Interest |
| 3.99% |
$274 |
5 |
$14,883 |
$1,558 |
| 7.99% |
$274 |
5 |
$13,516 |
$2,925 |
| 9.99% |
$274 |
5 |
$12,899 |
$3,541 |
| 14.99% |
$274 |
5 |
$11,520 |
$4,920 |
| Most you can finance under these terms is $14,883 |
| Higher payments, longer loan |
| % Interest |
Payment |
Years |
Principal |
Interest |
| 3.99% |
$349 |
6 |
$22,314 |
$2,814 |
| 7.99% |
$349 |
6 |
$19,914 |
$5,217 |
| 9.99% |
$349 |
6 |
$18,845 |
$6,284 |
| 14.99% |
$349 |
6 |
$16,509 |
$8,619 |
| Most you can finance under these terms is $22,314 |
| Different payments, same interest rate |
| % Interest |
Payment |
Years |
Principal |
Interest |
| 4.99% |
$199 |
6 |
$12,360 |
$1,968 |
| 4.99% |
$249 |
6 |
$15,467 |
$2,463 |
| 4.99% |
$299 |
6 |
$18,573 |
$2,957 |
| 4.99% |
$349 |
6 |
$21,677 |
$3,451 |
| 4.99% |
$399 |
6 |
$24,783 |
$3,946 |
| 4.99% |
$499 |
6 |
$30,993 |
$4,935 |
| Each $50 payment increase buys $3,100 more car |
