Orange County Credit Union Auto Loan Calculator

How to Use This Calculator

Using this calculator is simple:

1. Enter the loan amount you're requesting from Orange County Credit Union.
2. Input the annual interest rate offered by the credit union.
3. Select the loan term in years.
4. Click "Calculate" to see your estimated monthly payment, total interest, and total cost of the loan.

The calculator uses the standard auto loan payment formula to provide accurate estimates. You can also view a breakdown of your payments over time with the included chart.

Formula Used

The calculator uses the following formula to calculate your monthly auto loan payment:

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)

Additional calculations include:

• Total interest paid = (Monthly payment × Number of payments) - Principal loan amount
• Total cost of loan = Principal loan amount + Total interest paid

Worked Example

Let's calculate an example auto loan:

• Loan amount: $25,000
• Annual interest rate: 4.5%
• Loan term: 5 years

Monthly interest rate = 4.5% ÷ 12 = 0.375% or 0.00375

Number of payments = 5 × 12 = 60

Using the formula:

Calculating this gives you a monthly payment of approximately $452.38.

Total interest paid = ($452.38 × 60) - $25,000 = $7,348.40

Total cost of loan = $25,000 + $7,348.40 = $32,348.40