Auto Loan Comparison Calculator for
Comparing Payments and Interest Costs

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Help you to compare payments and interest costs for car loans that have different terms and interest rates.

This free online Auto Loan Comparison Calculator will calculate a side-by-side monthly payment and interest cost comparison of up to 4 different car loan-term combinations.

Plus, unlike other auto finance calculators, the calculator on this page will also calculate the number of hours you will need to allocate to working just to pay the interest costs of each loan included in the comparison.

Interest Charge Quiz

Have you ever walked into an auto finance company with a 5-gallon bucket filled with cash and asked the loan officer, "So, how much interest charges can I buy with this much cash?"

Have you ever opened your mailbox hoping the new interest charge catalog was inside?

Have you ever dreamed of the day that you could own your very own interest charge?

Have you ever believed you would be more attractive to the opposite sex if you could afford to own the latest interest charge to hit the market?

Do you proudly display your collection of interest charges above the fireplace?

As a child, did your letter to Santa always include a request for a new interest charge?

If you answered "no" to all of the above questions, then it's probably safe to assume that your are only paying interest charges because you feel you have no other choice.

If You Must Borrow, Be Frugal About It

Since your quiz results proved that interest charges are not something you truly want to purchase, and if you don't have cash to purchase an automobile, then here are some steps you can take to reduce the amount of the interest charges you will pay when borrowing for a car purchase.

1. Purchase a lower priced car.
Purchasing a lower priced car means you won't have to borrow as much money, and a smaller loan will likely cost you less in interest charges. If you compare low, low-medium, medium-high, and high purchase prices using the auto loan comparison calculator, you will see what a difference price can make in the amount of interest charges you will pay.

2. Shop for the best auto loan rates.
The time you spend shopping for the lowest car lending rate can typically save you more money than you could otherwise earn with the time spent. Use the calculator on this page to see how even 1/8th of a percentage point can make your research time well worth the effort.

3. Pay off the auto loan as quickly as possible.
The sooner you pay off the loan, the less you will pay for interest charges. Use the calculator on this page to see how much you will save by shortening the number of payments.

With that, let's use the Auto Loan Comparison Calculator to calculate a side-by-side payment and interest cost comparisons of 4 different car loans, each with different term and rate combinations.

Calculate Auto Loan Comparison
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Instructions: Enter the auto loan amount and then click the "Calculate Auto Loan Comparison" button. You can then adjust each loan by selecting different combinations of payments and interest rate percentages.

The auto loan comparison calculator will automatically recalculate each loan as you make adjustments. You can click the "Create Summary and Graph" button if you want to see a visual comparison of the interest costs.

Mouse over the blue question marks for a further explanation of each entry field. More in-depth explanations can be found in the glossary of terms located beneath the Auto Loan Comparison Calculator.

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Help Auto loan amount ($):
Help Real hourly wage ($):
Terms Loan 1 Loan 2 Loan 3 Loan 4
Help # Pmts:
Help Rate %:
Help Payment:
Help Total:
Help Interest:
Help Work-hrs:
Please grade my work and help me improve:
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Auto Loan Comparison Calculator Glossary of Terms

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Auto loan amount: The amount of money you will need to borrow to purchase the car you are interested in.

Real hourly wage: Optional: Your real hourly wage (RHW) is the after-tax, after work-related-expense wage earned per hour devoted to working. If you do not know your RHW, click the Real hourly wage link to open the calculator in a new window.

# Pmts: Select the desired number of payments to recalculate the results.

Rate %: Select the desired interest rate percentage to recalculate the results for the corresponding column.

Payment result row: This row contains the monthly payment for each principal, number of payments, and percentage rate combination.

Total result row: This row contains the total of all payments for each principal, number of payments, and percentage rate combination.

Interest result row: This row contains the interest cost of each principal, number of payments, and percentage rate combination.

Work-hrs: Based on your Real Hourly Wage (if entered), this row contains the number of hours you will need to allocate to working in order to earn the after-tax, after-expense income needed to pay the interest costs for each auto loan included in the comparison. If n/a appears in the fields on this line it means you did not enter a real hourly wage in the top section of the auto loan comparison calculator.

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