$15,000 Auto Loan Payment Over 6 Years

Questions about this calculator

Is 6 years the right length for a $15,000 car loan?

It depends on the monthly payment you can carry. At 7.5 percent this term costs $259.35 a month. A 4-year term would cost $362.68 a month and $2,409 in interest, compared with $3,673 over 6 years.

Does adding a year to a $15,000 car loan over 6 years change the cost much?

Yes. At 7.5 percent a 6-year term costs $3,673 in interest. A 7-year term would lower the payment to $230.07 but raise interest to $4,326.

Should you put more down on a $15,000 car loan over 6 years?

A bigger down payment means borrowing less. On this $15,000 loan, putting down $1,500 more would lower the payment by about $25.94 and the interest by about $367. Sales tax, fees and insurance are not included.

What if the rate on a $15,000 car loan over 6 years were one point higher?

The payment would rise from $259.35 to $266.68, which is $7.32 more each month. One point lower would give $252.15.