Amortization loan on Auto vehicles is the most popular loan and with our free calculator we will help you calculate every loan detail. Generally all the money lenders offer the amortization scheme on the vehicle loan.
With the simple inputs of loan application detail, you will be able to see the your monthly instalments along with the calculated interest amount on the monthly / yearly / quarterly basis as per your choice.
Also Check : How the loan lenders apply hidden charges which you should definitely check during loan application.
Online calculator for amortization auto loan
Here is our free Auto Loan Calculator that will do the Amortization calculations in seconds. Enter the loan Principal amount with the rate of interest and the loan time duration and our free amortization calculator will give a full chart of the applicable instalments.
Below is the free tool for you:
Benefits & Quick Highlights of our tool
- Free to Use and share.
- Very fast and user friendly operations. Makes the calculations in seconds.
- You can reuse any number of times without any delay.
- Can be opened in multiple windows with different calculations and hence you can compare.
- No Hidden Charges and No registration required.
Important
If you are just applying for loan and you do not have much idea about amortization concept. We will give you an example and you will get to know how the thing works.
Consider that you apply for a loan of 400000 $ with 4 % for a duration of 30 years. The Simple Interest with this rate will make you pay 1910 $ per month for 30 years.
Now what you pay per month as EMI will be for Interest and Principal amount as well. So the rate of interest that is applicable per month will be 4 % / 12. Here’s how it looks in this example:
- (4% / 12) * $400,000 = $1333
Now $1333 will be used for paying interest and remaining out of 1910 $, i.e 1910 – 1333, which comes out to be 533 $ will reduce your principal amount.
So for next month, the interest will be on 400000 – 533.
Next month as your Principal amount is less, your applicable interest will be lesser again.