1. What is a Weekly Auto Loan Amortization?

A weekly auto loan amortization schedule shows how each payment is split between principal and interest over the life of the loan. It demonstrates how the loan balance decreases with each payment.

2. How Does the Calculator Work?

The calculator uses the following formulas:

Where:

• \( Interest_k \) — Interest portion of payment for week k
• \( Principal_k \) — Principal portion of payment for week k
• \( Balance_k \) — Remaining balance after week k payment
• \( r_w \) — Weekly interest rate (annual rate ÷ 52)
• \( PMT_w \) — Fixed weekly payment amount

3. Importance of Amortization Schedule

Details: Understanding your amortization schedule helps you see how much interest you'll pay over the life of the loan and how extra payments can reduce your total interest cost.

4. Using the Calculator

Tips: Enter the loan amount, annual interest rate, and loan term in weeks. The calculator will generate a detailed weekly payment schedule showing principal and interest breakdown.

5. Frequently Asked Questions (FAQ)

Q1: Why calculate weekly instead of monthly?
A: Some lenders offer weekly payment options which can reduce total interest paid and shorten the loan term.

Q2: How does weekly payment affect total interest?
A: Weekly payments typically result in less total interest because you're making payments more frequently, reducing the principal balance faster.

Q3: Can I make extra payments?
A: Yes, extra payments directly reduce principal, saving interest and potentially shortening the loan term.

Q4: What's the difference between weekly and bi-weekly?
A: Weekly payments are made 52 times per year, while bi-weekly (every 2 weeks) results in 26 payments per year.

Q5: How accurate is this calculator?
A: This provides a close estimate, but actual loan terms may vary based on lender policies and fees.