Used Car 36-Month Loan Calculator
Estimate payments for a used vehicle with a shorter 3-year loan term.
ScenarioBased on Auto Loan Calculator →
USD
USD
USD
%
Monthly Payment
$466.59
Total Amount Paid$16,797.36
Total Interest$1,797.36
Principal
Total Interest
Monthly Payment vs Interest Rate
How Auto Loan Payments Are Calculated
The monthly payment formula is the same amortization formula used for mortgages:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where P = loan amount (price - down payment - trade-in), r = monthly rate, n = number of months.
Example Calculation
A $35,000 car with $5,000 down, no trade-in, 6.5% APR for 60 months.
- 01Loan amount = $35,000 - $5,000 = $30,000
- 02Monthly rate = 6.5% / 12 = 0.5417%
- 03Monthly payment = $30,000 × 0.005417 × 1.005417^60 / (1.005417^60 - 1)
- 04= $586.87
- 05Total paid = $586.87 × 60 = $35,212
- 06Total interest = $35,212 - $30,000 = $5,212