Auto Loan Daily Allowance Calculator

Auto Loan Daily Allowance Calculator calculator can be used to determine your daily payment amount from an auto loan based on the loan amount, interest rate, and loan term.

Input Parameters

Calculation Results

Monthly Payment

$0.00

Total Interest Paid

$0.00

Total Amount Paid

$0.00

Calculation Formula

Monthly Payment = P × [r/(1−(1+r)^−n)]

Where:
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Number of payments (loan term in months)

Auto Loan Daily Allowance Calculator Calculator Usage Guide

Learn how to use the Auto Loan Daily Allowance Calculator calculator and its working principles

How to Use This Calculator

  1. Enter the total loan amount you plan to borrow for your auto loan.
  2. Input the annual interest rate for your loan. This is typically provided by the lender.
  3. Specify the loan term in months (e.g., 36, 48, or 60 months).
  4. Click the "Calculate" button to see your monthly payment amount.
  5. The calculator will also show you the total interest you'll pay over the life of the loan and the total amount you'll pay.

Understanding the Results

The calculator provides three key figures:

  • Monthly Payment: The amount you need to pay each month to fully repay the loan.
  • Total Interest Paid: The total amount of interest you'll pay over the life of the loan.
  • Total Amount Paid: The total amount you'll pay if you repay the loan as calculated.

Important Notes

This calculator provides an estimate based on the information you provide. The actual payment amount may vary based on additional fees, taxes, and other factors determined by your lender.

The formula used is the standard loan payment formula: P × [r/(1−(1+r)^−n)], where:

  • P = Principal loan amount
  • r = Monthly interest rate (annual rate ÷ 12)
  • n = Number of payments (loan term in months)