![]() ![]() ![]() The February meeting of the Federal Open Market Committee (FOMC) raised the benchmark rate to 4.5 percent to 4.75 percent, another hike working towards the goal of controlling growing inflation. How recent Fed hikes can impact the cost to finance a car Speaking directly to a loan officer is also a great way to gather and compare a few options. This way they can tell you expected rates with your credit history in mind. Finally, connecting directly with a loan officer will provide you with a more tailored experience. Bankrate’s auto loan calculator will present you with your estimated monthly payment, total interest paid and a full amortization schedule. Use an auto loan calculator. If you are looking for a simpler route to avoid any mental math, an auto loan calculator will handle all the calculations. ![]() The resulting number will be how much your interest payment for the month is. Divide your interest rate by the number of payments in a year, then multiply it by your loan balance.
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