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How to Calculate Down Payment and Monthly Installments for Car Loans?

2 Answers

SanCora

07/24/25 10:21pm

Buying a car on installment involves calculating the down payment and monthly installments as follows: 1. Equal Principal Repayment Method: Calculation Formula: Monthly Installment = (Loan Principal ÷ Repayment Months) + (Principal - Accumulated Repaid Principal) × Monthly Interest Rate; The Equal Principal Repayment Method means repaying an equal amount of the loan principal each period plus the interest on the remaining unpaid principal from the last repayment period to the current repayment period. 2. Equal Installment Repayment Method: Calculation Formula: Monthly Installment = [Loan Principal × Monthly Interest Rate × (1 + Monthly Interest Rate)^Repayment Months] ÷ [(1 + Monthly Interest Rate)^Repayment Months - 1]; The Equal Installment Repayment Method means repaying an equal amount of the loan principal and interest each period. Additionally, the loan interest to be repaid under the Equal Principal Repayment Method is lower than that under the Equal Installment Repayment Method, but the repayment pressure in the early stages is relatively greater.

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Hudson

08/10/25 2:58pm

Calculating the down payment and monthly installments for car financing is quite straightforward. The down payment is typically 20% to 30% of the car's price—the higher the percentage, the lower the monthly payment pressure. Monthly payments depend on the loan amount, interest rate, and repayment period. For example, for a car priced at 120,000 yuan with a 25% down payment (30,000 yuan), the loan amount would be 90,000 yuan. Assuming an annual interest rate of 5% over a 3-year term, the monthly interest rate is approximately 0.004167 (5% divided by 12). The formula is: [Loan amount × Monthly interest rate] ÷ [1 - (1 + Monthly interest rate)^{-Number of periods}]. This results in a monthly payment of around 2,700 yuan. Using online car loan calculators to input parameters and get automatic results saves effort and ensures accuracy. Additionally, consider loan fees or additional costs for a more comprehensive view. Opting for a shorter term with a higher down payment can save a significant amount on interest.

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