Auto Loan Payoff Calculator
Calculate how to pay off your car loan faster
Loan Details
Typical: 4% - 12%
Extra Payments
Additional amount each month
Loan Summary
Loan Details
Financial Disclaimer
This calculator provides estimates for informational purposes only. Actual loan terms, rates, and payments may vary. This is not financial advice. Consult with a qualified financial advisor or lender for specific guidance. PayoffCalculator.io is not a lender and does not provide loans.
How to Use This Auto Loan Payoff Calculator
Enter your current loan balance, interest rate, and remaining term. Add any extra monthly payment you plan to make. See your new payoff date and total interest savings.
Understanding Auto Loan Payoff Loans
Auto loans typically have shorter terms (3-7 years) than mortgages, meaning you pay off principal faster. Extra payments reduce your balance, cutting both interest charges and time to payoff.
Tips for Getting the Best Auto Loan Payoff Rate
If your car loan rate is low (under 5%), consider investing extra money instead of paying down the loan faster. For higher rates, paying extra makes more sense.
Frequently Asked Questions
Paying off your car loan early saves interest and frees up monthly cash flow. However, consider your interest rate and whether that money could earn more elsewhere or pay off higher-interest debt.