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Car Loan Payment Formula:
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The Navy Federal Car Loan Calculator helps you estimate your monthly payments for an auto loan from Navy Federal Credit Union. It uses the standard loan payment formula to calculate your payment based on loan amount, interest rate, and term.
The calculator uses the standard loan payment formula:
Where:
Explanation: The formula accounts for both principal and interest payments over the life of the loan, with more interest paid earlier in the loan term.
Details: Calculating your estimated monthly payment helps with budgeting and ensures the loan fits within your financial situation before applying.
Tips: Enter the loan amount in USD, annual interest rate as a percentage (e.g., 4.5 for 4.5%), and loan term in months (e.g., 60 for 5 years). All values must be positive numbers.
Q1: What rates does Navy Federal currently offer?
A: As of 2023, Navy Federal offers rates as low as 4.54% APR for new cars (rates vary by creditworthiness and loan terms).
Q2: Does this include taxes and fees?
A: No, this calculates principal and interest only. Your actual payment may be higher with taxes, fees, and insurance.
Q3: What's the maximum term Navy Federal offers?
A: Navy Federal offers terms up to 84 months (7 years) for new and used vehicles.
Q4: How accurate is this calculator?
A: This provides a close estimate, but your actual rate and payment may differ based on credit score, down payment, and other factors.
Q5: Can I calculate refinancing payments?
A: Yes, simply enter your remaining loan balance, potential new rate, and desired term to estimate refinance payments.