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Starting loan balance. Monthly payment. Paid toward principal. Paid toward interest. New loan balance. Month 1. $20,000. $387. $287. $100. $19,713. Month 2. $19,713. $387
Then, use an online auto refinance calculator to estimate your new monthly payment based on the loan amount, current interest rate, current loan length, and loan balance.
Buying a new car is a big expense, so most people get financing to help them pay for the purchase over time. A loan is a useful tool to help you make a large purchase you can't afford otherwise.
An amortization calculator is used to determine the periodic payment amount due on a loan (typically a mortgage), based on the amortization process. [ 1 ] The amortization repayment model factors varying amounts of both interest and principal into every installment, though the total amount of each payment is the same.
Fed rate cuts could make auto loans a better deal. If your current auto loan is high-interest, see if you can save money by refinancing your car.
Many car owners refinance their loans to get a more affordable payment. If your monthly budget is tight and reducing your car's monthly payment will help significantly, refinancing can help you out.
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