Sellers and Car manufacture lure buyers with low EMI payments and buyers fall into the trap without understanding the interest rate for such loans.
Given the car loan amount, EMI and tenure, this calculator helps you estimate the interest rate on such loans.
This calculator will solve for any one of four possible unknowns: "Amount of Loan", "Total Scheduled Periods" (term), "Annual Interest Rate" or "Periodic Payment" amount.
Enter a '0' (zero) for one unknown value.
Or you can enter all 4 values and the calculator will create a payment schedule using your numbers. The final payment amount will be rounded to result in a zero balance. If you enter more months than are necessary to pay the loan off at the specified payment amount, the schedule will show the true term. If the payment is not large enough to reach a zero balance within the specified term, the schedule will show a balloon payment for the final payment amount.
The term (duration) of the loan is expressed as a number of months.
- 60 months = 5 years
- 120 months = 10 years
- 180 months = 15 years
- 240 months = 20 years
- 360 months = 30 years
Need to select a different payment or compounding frequency?
If you know the car loan amount, EMI and tenure, this calculator can help you estimate the interest rate on such loans.
Also you can easily find the difference in interest rate between new and used cars with the help of this calculator.
If a seller promises you a low EMI payment i.e. $150 for 60 months for a car worth $6,667, then you can use Car Interest Rate calculator to find out exact rate of interest on your car loan. In this case, you would see that the interest rate is 12.5%!!! It’s more likely that you are buying a used car.
But is that all you need?
What are those other calculators people might need apart from a basic Car Loan Interest Rate Calculator?
Basically, people want answers for 4 core questions when going for a car loan.
- How much would be the monthly payment i.e. EMI for my Car loan? – Car Loan EMI Calculator
- How much money can I borrow based on EMI that I can afford? – Car Loan Amount Calculator
- How long will it take to repay my loan? – Car Loan Tenure Calculator
- How much interest would I have to pay if I am buying a used car instead of a new car? Car Interest Rate Calculator
To address the above four questions, we have created four calculators that are easy to use, intuitive and quick to perform. These calculators also consist of advanced features like payment schedule, charts and currency format options.