vision credit union car loan payment calculator

Auto loans are secured loans, meaning that the eligibility requirements are less stringent than unsecured loans, but the vehicle is put up as collateral so if you fail to make payments, you could lose your vehicle.

Similar to personal loans, auto loans allow you to borrow a lump sum and pay it back over a set repayment period with interest. Auto loans are loans intended to help finance a vehicle.

When considering the type that's best for you, it's important to compare each option to make sure the loan will benefit you and your finances down the road. There are loans offered for nearly every legal purpose by a variety of lenders. For example, if you have an auto loan with a monthly payment of $500, your first month’s payment might break down into $350 toward interest and $150 toward the principal. Often, within the first few years, the bulk of your monthly payments will go toward interest. In the context of a loan, amortization is when you pay off a debt on a regular, fixed schedule. If you would prefer a loan payment calculator that delves into the granular details (such as amortization), use our more robust calculator. Because this is a simple loan payment calculator, we cover amortization behind the scenes. The Bankrate loan payment calculator breaks down your principal balance by month and applies the interest rate you provide.

Vision credit union car loan payment calculator