Sfcu Auto Loan Calculator
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Reviewed by Calculator Editorial Team
Use this SFCU Auto Loan Calculator to estimate your monthly payments, total interest, and total cost of an auto loan. Simply enter your loan amount, interest rate, and loan term to get an instant calculation.
How to Use This Calculator
To use the SFCU Auto Loan Calculator:
- Enter the loan amount you're requesting in the "Loan Amount" field.
- Enter the annual interest rate offered by SFCU in the "Interest Rate" field.
- Select the loan term (in years) from the dropdown menu.
- Click the "Calculate" button to see your estimated monthly payment, total interest, and total cost.
The calculator uses the standard auto loan payment formula to provide accurate estimates. You can also view a breakdown of your payments in the chart below the results.
Formula Used
The calculator uses the following formula to calculate your monthly auto loan payment:
Monthly Payment = P × (r(1 + r)^n) / ((1 + r)^n - 1)
Where:
- P = Principal loan amount
- r = Monthly interest rate (annual rate divided by 12)
- n = Number of payments (loan term in years multiplied by 12)
Total Interest = (Monthly Payment × n) - P
Total Cost = Monthly Payment × n
Worked Example
Let's calculate an example auto loan:
Loan Amount: $25,000
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
Monthly Payment = $25,000 × (0.00375(1 + 0.00375)^60) / ((1 + 0.00375)^60 - 1)
Monthly Payment ≈ $452.34
Total Interest = ($452.34 × 60) - $25,000 ≈ $1,120.40
Total Cost = $452.34 × 60 ≈ $26,120.40