Loan information
Car Loan explanation
Car Loan is a common financing method for purchasing cars, usually requiring a down payment, with the remaining amount repaid through loan installments.
Calculate formula
Equal monthly payment: month payment = Loan amount × [month interest rate × (1+month interest rate)^repayment month number] / [(1+month interest rate)^repayment month number - 1]
Important parameters
- Down payment ratio: Usually 20%-30%, the higher the down payment, the lower the month payment
- yearInterest Rate: Affects total interest, the lower the Interest Rate, the better
- Loan term: The longer the term, the lower the month payment, but the higher the total interest
- month payment: The amount to be repaid each month
Notes
- Actual Interest Rate may vary depending on individual credit status
- Some banks may charge fees
- Early repayment may incur penalties
- It is recommended to compare loan options from multiple banks
- Consider insurance, taxes, and other additional fees