This tool helps you calculate your monthly auto loan payments effortlessly.

## How to Use the BECU Auto Loan Calculator

To use this calculator, follow these steps:

- Enter the total loan amount in dollars.
- Enter the down payment amount in dollars.
- Enter the annual interest rate as a percentage.
- Enter the loan term in years.
- Click the “Calculate” button to calculate your monthly payment.

## How It Calculates the Results

The calculator uses the following formula to compute the monthly payment:

`Monthly Payment = P * r / (1 - (1 + r)^-n)`

- P is the principal loan amount (loan amount minus down payment).
- r is the monthly interest rate (annual rate divided by 12).
- n is the number of monthly payments (loan term in years multiplied by 12).

## Limitations

This calculator assumes a fixed interest rate and does not account for taxes, fees, or other costs associated with your loan. It is important to consult with your lender to understand the full cost of your loan.

## Use Cases for This Calculator

### Calculate Monthly Auto Loan Payment

Input the loan amount, interest rate, and loan term to determine your monthly car payment. Adjust the values to instantly see how your payment amount changes. This helps you plan your budget effectively and choose a loan that suits your financial situation.

### Estimate Total Interest Paid

By entering the loan amount and interest rate, you can calculate the total interest you will pay over the loan term. This gives you a clear understanding of the overall cost of financing your car and helps you make informed decisions about your auto loan.

### Determine Loan Term

If you have a specific monthly payment budget in mind, input your desired payment amount and interest rate to calculate the loan term needed. This helps you tailor the loan duration to fit your financial goals and repayment capability.

### Compare Different Loan Options

Input multiple loan scenarios with varying loan amounts, interest rates, and terms to compare monthly payments and total interest paid. This allows you to assess different auto loan offers and choose the most cost-effective option for your budget.

### Calculate Affordability Based on Income

Input your monthly income and desired loan term to determine the maximum loan amount you can afford while staying within a comfortable debt-to-income ratio. This helps you avoid overextending yourself financially and ensures you can comfortably repay the loan.

### Explore Bi-weekly Payment Option

Compare the savings on interest between monthly and bi-weekly payments by entering the loan details. This feature shows you the potential interest savings and accelerated payoff benefits of making bi-weekly payments on your auto loan.

### Assess Down Payment Impact

Adjust the down payment amount to see its effect on the monthly payment and total interest paid. This feature helps you understand how a higher down payment can reduce your monthly financial burden and overall interest costs over the loan term.

### Calculate Early Repayment Savings

Enter the additional monthly payment you plan to make to see how it affects your loan term and interest savings. This feature helps you strategize early repayment options to pay off your auto loan faster and minimize interest expenses.

### Determine Loan Refinancing Benefits

Input your current loan details and potential refinance terms to calculate the savings from refinancing. This feature helps you assess whether refinancing your auto loan makes financial sense based on the new interest rate and loan terms.

### Plan for Extra Payments

Enter one-time or recurring extra payments to see their impact on the loan term and interest savings. This feature enables you to plan ahead for additional payments and evaluate how they can shorten your auto loan duration and reduce overall interest costs.