Car Loan EMI Calculator
Know the real monthly cost.
Calculate car loan EMI and total interest. Enter amount, rate, term, and deposit to see monthly payment. Enter car price and see the result instantly.
What this tool does
This tool calculates car loan EMI (Equated Monthly Installment) and total cost. Enter loan amount, annual interest rate, term in months, and deposit. The calculator shows amount financed (after deposit), monthly EMI, total interest, and total paid including deposit.
Enter Values
Formula Used
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Disclaimer
Results are estimates for educational purposes only. They do not constitute financial advice. Consult a qualified professional before making financial decisions.
Car loan EMI (Equated Monthly Installment) is the fixed amount paid every month until the loan clears. It combines principal and interest, with early payments being mostly interest and later payments mostly principal. This calculator shows EMI, total interest, and full cost given any loan amount, rate, term, and deposit.
For a 25,000 car loan minus 5,000 deposit (20,000 financed) at 9% over 60 months: EMI is 415, total interest 4,910, total paid 29,910. Shortening to 36 months raises EMI to 636 but drops interest to 2,889. The shorter term usually saves money but strains monthly budget.
Car loan rates vary widely. New car loans from manufacturer finance: 4-9%. Bank loans for new or used cars: 7-15%. Subprime or older used car loans: 15-25%. Shop 3-5 lenders before accepting - rate spreads on car finance are among the widest in consumer lending.
Quick example
With car price of 25,000 and interest rate of 9% (plus term of 60 and deposit of 5,000), the result is 415.17. Change any figure and watch the output shift — it's often more useful to see the pattern than to memorise the formula.
Which inputs matter most
You enter Car Price, Interest Rate, Term (Months), and Deposit. Not every input has equal weight. Flip one at a time toward extreme values to feel which ones move the needle most for your situation.
What's happening under the hood
Amortisation on (price - deposit) at monthly rate over term. EMI includes both principal and interest. The formula is listed in full below. If the number looks off, you can retrace the calculation by hand — that's the point of showing the working.
Why payoff plans work
Debt feels overwhelming when it's an abstract total. Break it into a payoff date and a monthly figure and the problem becomes finite — you can see the finish line. That visibility is what this tool provides, and for many people it's the difference between dithering and acting.
What this doesn't capture
Real payoff journeys include missed payments, fee changes, balance transfers, and promotional rates that reset. The calculation assumes a steady plan; reality is rarely that clean. Use the figure as the best-case plan against which actual progress gets measured.
£25,000 £ car, £5,000 £ deposit, at 9%% over 60 monthsmo = $415.17/mo.
Inputs
This example uses typical values for illustration. Adjust the inputs above to match a specific situation and see how the result changes.
Sources & Methodology
Methodology
Amortisation on (price - deposit) at monthly rate over term. EMI includes both principal and interest.
Frequently Asked Questions
Is PCP the same as a car loan?
What's a good interest rate for car loans?
Should I take the dealer's finance?
How large should my deposit be?
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