# What is the formula for monthly car payments?

To calculate your monthly car loan payment by hand, divide the total loan and interest amount by the loan term (the number of months you have to repay the loan). For example, the total interest on a \$30,000, 60-month loan at 4% would be \$3,150.

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## Herein, does Capital One do 84 month auto loans?

Capital One Auto Finance recently upped its maximum loan term to 84 months for prime loans and 75 months for subprime, exclusively for dealers in its “Diamond Dealer” incentive program, spokeswoman Pam Girardo confirmed.

Secondly, how is car loan interest calculated? How to Calculate Auto Loan Interest for First Payment

1. Divide your interest rate by the number of monthly payments you will be making over the course of the year.
2. Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount.

## Likewise, how is down payment on a car calculated?

To figure the down payment you need, multiply the total amount by the percentage required by the lender, minus the value of any trade-in you have, to get the amount you need to put down.

## How much should I put down on a \$8000 car?

The vehicle’s price determines how much cash you should put down

Vehicle Price 15% Down 20% Down
\$8,000 \$1,200 \$1,600
\$10,000 \$1,500 \$2,000
\$12,000 \$1,800 \$2,400
\$14,000 \$2,100 \$2,800

## How much should you put down on a \$12000 car?

“A typical down payment is usually between 10% and 20% of the total price. On a \$12,000 car loan, that would be between \$1,200 and \$2,400. When it comes to the down payment, the more you put down, the better off you will be in the long run because this reduces the amount you will pay for the car in the end.

## What is the monthly payment on a \$30000 car?

roughly \$600 a month