Auto Loan Calculator
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About Auto Loan Calculator
An auto loan calculator is a useful tool to estimate monthly car loan payments and total interest over the loan term. It requires inputs such as the loan amount, interest rate, loan term, and down payment. The calculator uses a standard formula to calculate monthly payments based on the principal loan amount, interest rate, and loan duration. The down payment is subtracted from the loan amount to calculate the principal loan amount. The interest rate is usually expressed as an annual percentage rate (APR) and is divided by 12 to get the monthly interest rate. The loan term is typically given in months, but it can be converted from years to months if necessary. The calculator then provides the monthly payment and the total amount paid over the loan term, which includes both the principal loan amount and the total interest paid. Remember that the actual loan terms and conditions may vary based on the lender and the borrower's creditworthiness.