Calcul Prêt Auto
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Reviewed by Calculator Editorial Team
Calculate your auto loan payments, interest, and total cost with our free prêt auto calculator. Understand your monthly payments and loan terms.
How to Use This Calculator
To calculate your auto loan payments:
- Enter the loan amount in the "Loan Amount" field.
- Enter the annual interest rate in the "Interest Rate" field.
- Select the loan term in years from the dropdown menu.
- Click the "Calculate" button to see your monthly payment and total interest.
The calculator will display your monthly payment, total interest paid, and total cost of the loan.
Formula Used
The monthly payment is calculated using the formula for an amortizing loan:
M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1 ]
Where:
- M = monthly payment
- P = principal loan amount
- i = monthly interest rate (annual rate divided by 12)
- n = number of payments (loan term in years multiplied by 12)
Worked Example
Let's calculate a loan with these parameters:
- Loan Amount: $20,000
- Interest Rate: 5% per year
- Loan Term: 4 years
Monthly interest rate: 5% ÷ 12 = 0.4167%
Number of payments: 4 × 12 = 48
Using the formula:
M = $20,000 [ 0.004167(1 + 0.004167)^48 ] / [ (1 + 0.004167)^48 - 1 ]
M ≈ $452.34 per month
Total interest paid: $452.34 × 48 - $20,000 ≈ $2,170.08
Total cost of loan: $20,000 + $2,170.08 = $22,170.08
FAQ
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing, while the APR (Annual Percentage Rate) includes additional fees and costs associated with the loan. APR is always higher than the interest rate.
How does loan term affect my monthly payment?
A longer loan term means lower monthly payments but more total interest paid. A shorter loan term means higher monthly payments but less total interest paid.
What is the difference between fixed and variable rate loans?
A fixed rate loan has the same interest rate for the entire term, while a variable rate loan's interest rate can change based on market conditions. Fixed rate loans are generally more predictable.
Can I pay off my loan early without penalty?
Some lenders allow prepayment without penalty, while others may charge fees. Check your loan agreement to understand the terms of prepayment.