• $
    %
  • $240,000
  • Your Car Loan
  • Your Monthly Payment
  • $
    %

The total lifetime costs of your auto/car loans would be . The total interest that you would pay over years is .

Year Initial Balance Interest Paid Principal Paid

Chimponomics Auto/Car Loans Calculator Help

The Chimponomics Car Loan Calculator is a great tool for helping you to figure out how much car you can afford. As a general rule, your total spend on car payments should not exceed 20% of your monthly take home income (after taxes).

Unless a car dealer is offering promotional rates, you can typically find the best loan terms elsewhere. Our recommendation is to check loan terms from 3 different providers before stepping foot on the car lot. When evaluating loan terms, it is critical to make sure you understand some key data points:

  • 1. What is the annual percentage rate (APR) of interest? (The rate you receive will likely vary based on who is providing the loan and what your credit score is.)
  • 2. Are there any potential penalties (e.g., early payment penalties, etc.)?
  • 3. What is the exact price you are paying for the vehicle?
  • 4. What is the total amount that you are financing?
  • 5. What's the dollar amount you are paying for the credit (finance charge)?
  • 6. What's the exact amount of each payment?
  • 7. What is the total number of payments?

In addition to your monthly car loan payment, you should consider other costs when purchasing a car. For instance, the make and model of your car can significantly influence your fuel, maintenance, and insurance costs.

Show Car Loan Inputs