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How much interest am I paying on my car loan?
I have a 72-month car loan with an 11% interest rate on a car that was $36,000. Unfortunately, I wasn't able to put much money down, only about $7,000. How much interest am I paying on my car loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The best way to determine how much interest you owe is through an online calculator. You need to include all the information you provided, which can be broken up like this:
- Your principal (the $36,000 total price of your car)
The total interest you will pay throughout your six-year-long loan will be $13,336.33
If the time comes that you need or want to make changes to your loan, you can refinance. You can refinance quickly by downloading the
Jerry
app. Then, use our refinance calculator to avoid the hassle of finding a new deal and making sure you have the right loan for yourself. On average, car owners pay $85 less every month by refinancing their auto loan.View full answer
- Gregory R.
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