What does financing a car actually cost?
See the monthly payment, the interest, and the bigger picture. Adjust the numbers to understand what your car could really cost.
Make it yours.
Start with the car you have in mind.
You would borrow
Estimated monthly payment
How the length of the loan changes things
The same amount borrowed, at the same rate, without extra payments. Tap a row to change the loan length; your extra-payment choice stays selected.
| Length | Monthly | Interest | Total loan repaid | Paid off |
|---|
How a car loan actually works
Four things worth understanding before you sign anything.
How much of each payment goes to interest?+
Why does a longer loan cost more overall?+
How much difference does a bigger deposit make?+
What costs are not included?+
This estimate uses the annual interest rate, not an APR that may include lender fees. It excludes lender fees, early-repayment charges and the running costs of your car, such as licensing, servicing, fuel and motor insurance.
It helps to budget for those alongside the payment, so the figure you settle on is one you can live with comfortably.
This calculator is provided for educational purposes only. Breadfruit is a financial decision making tool. Nothing here is an offer of credit, a quote, or financial advice, and we do not lend money or arrange finance.
Every figure is worked out from the numbers you enter, using the standard amortisation formula and assuming a fixed annual interest rate, monthly interest on the outstanding balance, and payments at the end of each month. Extra payments are assumed to reduce principal immediately, without penalties. The final payment may be smaller. Your lender may calculate differently, and may include fees or charges this calculator does not know about. Figures are rounded to the nearest dollar.
Always work from the written terms your lender gives you. All figures are in Barbados dollars.