PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
How much is my car loan payment?
How much will my car loan payment be per month? I was offered a $20,000 car loan with a 5.34% APR and I’m just wondering how much I’ll have to pay every month. I want to make sure I can afford it before I sign the agreement.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can approximate your monthly car loan payment by
calculating the interest
that you’ll pay each month, then adding your principal to the monthly interest amount. You can calculate the monthly interest using the following equation:
Monthly Interest = (interest rate / 12) x loan principal
In your case, the equation will look like this:
Monthly Interest = (0.0534 / 12) x 20,000 = $89.00
Next, divide the principal by the loan term. If you don’t know your loan term, you can ask your lender. Add the resulting number to your monthly interest payment to get an approximate monthly payment amount!
While you’re looking for the best rates on a car loan, why not shop for better insurance rates, too? It’s easy when you use the
Jerry
app. Just download the app and answer some quick questions to see your policy options in a comprehensive list. When you find a quote you like, Jerry can help you cancel your old policy and sign up.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies