Overhaulin'

Trying to calculate on a car loan?

Can someone tell me if there's an online calculator that will show me how much I'm saving by paying ahead on my car loan? I want to know how much money I will save and how fast it will be paid off. (fixed APR loan, no pre-payment penalty) Thanks for the links.

Public Comments

1. These are both good links: http://www.bankrate.com/brm/auto-loan-calculator.asp http://calculators.interest.com/content/calculators/monthly-payment.asp If it is a fixed payment, fixed rate with no prepayment penalty, the amortization and monthly payments are calculated like a mortgage, so just input your rate, amount borrowed and additional payments and it should give you a good idea of how much you will save. I believe if you have fixed payments, you reduce the amount of time it takes to pay off your loan. If they are variable payments based on the amount outstanding, then you actually reduce your future payments.
2. go to http://www.car-loans-financing.com and click "finance calculator" You can get a loan there too.