1. What is the Weekly Auto Loan Payment?

The weekly auto loan payment is the fixed amount you pay each week to repay your car loan, including both principal and interest. This calculator helps determine that amount based on your loan terms.

2. How Does the Calculator Work?

The calculator uses the weekly payment formula:

Where:

• \( PMT_w \) — Weekly payment amount
• \( P \) — Principal loan amount
• \( r_w \) — Weekly interest rate (annual rate ÷ 52)
• \( n_w \) — Total number of weekly payments

Explanation: The formula calculates the fixed payment needed to fully amortize the loan over the specified term, accounting for compound interest.

3. Importance of Weekly Payment Calculation

Details: Knowing your exact weekly payment helps with budgeting and comparing different loan offers. Weekly payments can help pay off loans faster than monthly payments.

4. Using the Calculator

Tips: Enter the total loan amount, weekly interest rate (divide annual rate by 52), and number of weekly payments. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How is weekly interest rate calculated?
A: Divide the annual interest rate by 52 (weeks in a year). For example, 10% annual rate = 0.10/52 ≈ 0.001923 weekly.

Q2: Are weekly payments better than monthly?
A: Weekly payments can reduce total interest paid and shorten loan term, as you make the equivalent of 13 monthly payments per year.

Q3: What's a typical auto loan term?
A: Most auto loans are 3-7 years (156-364 weekly payments), but terms vary by lender and borrower creditworthiness.

Q4: Does this include taxes and fees?
A: No, this calculates principal and interest only. Additional costs may apply depending on your loan agreement.

Q5: Can I use this for other weekly loans?
A: Yes, the formula works for any amortizing weekly loan, though terms may differ for different loan types.