Associated Bank Auto Loan Rates Calculator
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Reviewed by Calculator Editorial Team
Use this calculator to estimate your auto loan payments with Associated Bank's current rates. Compare different loan terms and down payments to find the best financing option for your vehicle purchase.
How to Use This Calculator
To calculate your auto loan payments:
- Enter the loan amount you need (the price of the vehicle).
- Select your loan term (how many years you'll pay the loan).
- Enter your down payment amount (if any).
- Select your credit score range to see the applicable interest rate.
- Click "Calculate" to see your estimated monthly payment and total interest.
The calculator uses Associated Bank's current auto loan rates for different credit score ranges. The results are estimates and may vary based on your actual credit situation and the bank's final approval.
Formula Used
The calculator uses the standard auto loan payment formula:
Monthly Payment Formula
Monthly Payment = P × (r(1 + r)^n) / ((1 + r)^n - 1)
Where:
- P = Principal loan amount (loan amount - down payment)
- r = Monthly interest rate (APR ÷ 12)
- n = Number of payments (loan term in years × 12)
The calculator applies Associated Bank's current interest rates based on your credit score range. The interest rates used are:
- Excellent (720+): 4.50% APR
- Good (660-719): 5.50% APR
- Fair (600-659): 6.50% APR
- Poor (Below 600): 7.50% APR
Worked Example
Let's calculate a loan for a $25,000 vehicle with a $5,000 down payment, 5-year term, and good credit (660-719 credit score).
- Principal = $25,000 - $5,000 = $20,000
- APR = 5.50%
- Monthly rate = 5.50% ÷ 12 = 0.4583%
- Number of payments = 5 × 12 = 60
- Monthly payment = $20,000 × (0.004583 × (1 + 0.004583)^60) / ((1 + 0.004583)^60 - 1) ≈ $386.50
Total interest paid = ($386.50 × 60) - $20,000 = $7,590
Note
This is an estimate. Your actual payment may vary based on your credit situation and the bank's final approval.
Rate Comparison
Here's how different credit scores affect your monthly payment for a $25,000 loan with $5,000 down and 5-year term:
| Credit Score | APR | Monthly Payment | Total Interest |
|---|---|---|---|
| Excellent (720+) | 4.50% | $362.50 | $6,750 |
| Good (660-719) | 5.50% | $386.50 | $7,590 |
| Fair (600-659) | 6.50% | $410.50 | $8,430 |
| Poor (Below 600) | 7.50% | $434.50 | $9,270 |
As you can see, even a small difference in credit score can significantly impact your monthly payment and total interest paid.
FAQ
What is an APR?
APR stands for Annual Percentage Rate. It's the annual interest rate charged on your loan, expressed as a percentage. The calculator uses APR to calculate your monthly payment.
How does my credit score affect my loan rate?
Your credit score determines the interest rate you qualify for. Higher credit scores typically result in lower interest rates, which means lower monthly payments and less total interest paid over the life of the loan.
What is the difference between APR and interest rate?
APR is the total annual cost of borrowing, including all fees and interest. The interest rate is just the portion of APR that represents the cost of borrowing. APR is always higher than the interest rate because it includes fees.
Can I get a lower rate with a larger down payment?
Yes, a larger down payment typically qualifies you for a lower interest rate. This is because you're borrowing less money, which reduces the bank's risk. However, the exact rate depends on your credit score and other factors.