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Auto Loan
Personal Loan
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Loan Calculation Results
Monthly Payment
Auto Loan Payment
$0.00
Total Interest Paid
$0.00
Total Cost of Loan
Principal + Interest
$0.00
Pay-off Date
Loan completion date
-
Interest Breakdown
Compare Loan Terms
| Term | Monthly Payment | Total Interest | Total Cost |
|---|
Loan Calculator Guide: Understanding Different Loan Types
Loans help finance major purchases, but understanding the true cost is crucial. This guide explains auto loans, personal loans, and student loans with actionable advice.
Auto Loans: What You Need to Know
Auto loans typically range from 3-7% interest for borrowers with good credit. Key considerations:
- Term Length: 3-7 years. Longer terms = lower payments but more interest
- Down Payment: 20% recommended to avoid being "upside down" on loan
- New vs Used: New cars depreciate 20% in first year
- Total Cost: Include insurance, maintenance, fuel in your budget
Student Loans: Federal vs Private
| Feature | Federal Loans | Private Loans |
|---|---|---|
| Interest Rates | Fixed by government (4-7%) | Variable, based on credit (3-13%) |
| Repayment Options | Income-based, forgiveness options | Standard repayment only |
| Credit Check | None for most | Required, often with cosigner |
Frequently Asked Questions
What's better: lower monthly payment or shorter term?
Shorter term saves interest but higher payments. Calculate both and choose based on your budget. Example: $25k at 5% for 5 years = $472/month, 3 years = $749/month but saves $1,200 in interest.
How can I get a lower interest rate?
Improve credit score (pay bills on time, reduce credit utilization), shop around (compare 3+ lenders), consider a cosigner, or offer collateral.