$20k Car Loan Calculator
Monthly payment for a $20,000 car. Calculate interest costs for 60 vs 72 month terms.
Vehicle Details
Est. $300-$600
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Financing
Estimated Monthly Payment
for 60 months
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Analysis: Buying a $20,000 Car
At the $20k price point, you are looking at newer used cars or base model compacts. Try to keep your loan term under 60 months to build equity.
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Frequently Asked Questions
What is the monthly payment for a $20,000 car loan?
At a 7.5% interest rate over 60 months, the payment is approximately $400. This includes interest but excludes insurance and maintenance.
How much interest will I pay on a $20,000 loan?
Over 60 months at 7.5%, you will pay roughly $3000 in total interest. Shortening the term to 48 months could save you significantly.
Does this include sales tax?
Yes, our calculator includes an estimated Sales Tax field (default 6.5%) and Title Fees to give you a realistic 'Out the Door' payment.