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What is the payment on a $15,000 car loan?
I’m looking to get a $15,000 car loan for my 17-year-old son. He will be making payments on the car (with my help). What is the payment on a $15,000 car loan?
Michael Miserendino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Hopefully, your son enjoys his new car!
Monthly payment depends on several factors, including the span of your loan, if you’re buying a new or used car, and your APR (which depends on your credit score). That said, you can estimate your monthly payments using the formula for calculating APR is as follows: APR = ((fees + interest / principal / number of days in loan) x 365) x 100
To provide an example, let’s assume you have great credit and you have an APR of 2.89% for your new car. Using the formula above, you can estimate your monthly payment for various loan terms to be:
- 12 months: $1269.25
- 24 months: $643.99
- 36 months: $435.49
- 48 months: $331.29
- 60 months: $268.80
- 72 months: $227.17
- 84 months: $197.46
For simplicity’s sake, you can also reference an online APR calculator as there are many available. Keep in mind, these are all rough estimates of what you could pay, but preapproval and working with a lender is the best way to get a more concrete idea of your monthly payments.
Keep in mind that you’re going to need to budget for full coverage car insurance, as most lenders will require it when you finance a vehicle. This can get pricey, and because your son is considered a young driver, you will likely see high insurance premiums. But don’t worry; there are ways to save if you shop for the best deals on
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