By Credit Score
Slide Squares to Change Terms
How does credit score affect my car loan?
The APR, term, and loan amount may all change depending on your credit score.
Low scores create capped amounts and durations.
For example, a buyer with a 750 FICO score may qualify for $85000 at 96 months, but a 650 score may be maxed out at $35000 for 72 months.
Set your credit score, then move the other squares in the car loan calculator to find the maximum loan and term for your FICO score.
How much does interest rate affect my monthly payment?
The influence on the payment depends on the amount borrowed.
1% on small loans has minimal effect, but on higher ones it's significant.
For example, 1% reduction in APR on a $9000 loan saves $4 in monthly payment and $250 in total finance charges over 5 years. On a $99000 loan 1% saves $45 in payment and $2750 in finance charges.
Adjust your credit score and loan term to view your estimated APR.
What is APR?
Annual Percentage Rate is exactly what it sounds like - it’s the percentage of interest paid each year over the term of the loan.
6% APR is not 6% of the loan amount.
It’s 6% yearly finance charges paid to the bank on a monthly basis for holding the car note.