$10,000 Auto Loan Payment Over 7 Years

Questions about this calculator

Would paying $20 extra each month shorten a $10,000 car loan over 7 years?

Yes. On this $10,000 loan an extra $20 each month ends the loan 1 year sooner and saves $479 of interest.

Is 7 years the right length for a $10,000 car loan?

It depends on the monthly payment you can carry. At 8 percent this term costs $155.86 a month. A 5-year term would cost $202.76 a month and $2,166 in interest, compared with $3,092 over 7 years.

Does adding a year to a $10,000 car loan over 7 years change the cost much?

Yes. At 8 percent a 7-year term costs $3,092 in interest. A 8-year term would lower the payment to $141.37 but raise interest to $3,571.

Should you put more down on a $10,000 car loan over 7 years?

A bigger down payment means borrowing less. On this $10,000 loan, putting down $1,000 more would lower the payment by about $15.59 and the interest by about $309. Sales tax, fees and insurance are not included.