Car Loan Repayment Calculator

Buying a car is a major financial commitment, whether you're in the United States, Australia, Canada, or any other country. Our Car Loan Repayment Calculator helps you understand exactly what your monthly payments will be, how much interest you'll pay over the life of the loan, and how different strategies can help you save money and pay off your vehicle faster.

💡 What Does This Calculator Do?

This calculator uses the standard amortization formula to calculate your monthly car loan payments. Simply enter your loan amount, interest rate, loan term, and optional down payment to see:

• Your monthly payment amount
• Total interest you'll pay over the loan term
• Total repayment amount (principal + interest)
• A complete month-by-month amortization schedule

🌍 Multi-Currency Support

Our calculator supports multiple currencies including USD, AUD, CAD, EUR, GBP, INR, JPY, CNY, MYR, and SGD. This makes it useful for car buyers worldwide, whether you're financing in India, Malaysia, Singapore, or any other supported region.

💰 Understanding Down Payments

A larger down payment reduces your loan amount, which means lower monthly payments and less total interest paid. For example, a 20% down payment on a $30,000 car reduces your loan to $24,000, saving you interest on the $6,000 difference.

📅 Monthly vs. Biweekly Payments

You can choose between monthly and biweekly payment frequencies:

• Monthly: 12 payments per year. This is the standard payment schedule.
• Biweekly: 26 payments per year (every two weeks). By making half of a monthly payment every two weeks, you effectively make one extra monthly payment per year, reducing your loan term and total interest.

⚡ Extra Payments Strategy

Making extra payments reduces your principal balance faster, which lowers future interest charges. Even $50 or $100 extra per month can save hundreds or thousands in interest and help you become debt-free sooner.

📊 Reading the Amortization Schedule

The amortization schedule shows exactly how each payment is applied:

• Interest: The portion of your payment that goes to interest
• Principal: The portion that reduces your loan balance
• Balance: Your remaining loan balance after each payment

In the early months of your loan, most of your payment goes toward interest. As the loan progresses, more goes toward principal.

🎯 Key Benefits

✅ Use This Calculator Before You Buy

Whether you're shopping for a new car or refinancing an existing loan, this calculator helps you understand the true cost of your car loan. Try different scenarios to find the payment plan that works best for your budget and financial goals.