Car loan calculator
Work out the monthly payment on a car before you talk to the bank. Put in the price, your deposit, the interest rate and how long you want to pay — in your own currency. Then share the result as a link.
Estimated monthly payment
$444.89
- Deposit amount
- $5,000.00
- Amount financed
- $20,000.00
- Total interest
- $6,693.40
- Total cost of the car
- $31,693.40
An estimate only. Your bank or lender sets the real rate and payment.
How the monthly payment is worked out
The amount financed is the price minus your deposit. The interest rate is an annual rate (APR), so it is divided by twelve to get a monthly rate, and the loan is paid off in equal monthly payments over the term — each one covers that month’s interest and pays down a little of the loan.
That is the standard calculation banks and credit unions use for a car loan. Fees, insurance and any arrangement charges are on top, and differ from lender to lender.
Deposit and term: what actually moves the payment
A bigger deposit lowers the payment and the interest, because you borrow less. A longer term lowers the payment too — but you pay interest for longer, so the car costs more in total. Compare the total cost, not just the monthly figure.
Many lenders across the region ask for a deposit of 10% to 20% and lend over 5 to 7 years on a car; older or imported used cars can get shorter terms. Ask your lender what they offer for the car you want.
What the bank will usually ask for
Lenders differ, but most ask for photo ID, proof of income (a job letter, recent payslips or bank statements), proof of address, and the details of the car: the price, year, make, model and VIN or chassis number, usually on a quote or summary from the dealer. Some also want an insurance quote before they release the money.
Selling cars? Put this on every car on your lot.
On an OX Shops car mart, every listing shows a monthly estimate at your finance rate, buyers adjust it themselves, and they can print a one-page summary for the bank.