Car loan calculator
An auto loan finances the vehicle price minus the down payment and is repaid with fixed monthly payments. Each installment mixes principal and interest. This page uses the same French amortization engine as the on-screen calculator.
With financed amount Q150,000, rate 12% APR, and term 48 months:
- Monthly payment: Q3,950.08
- Total paid: Q189,603.84
- Total interest: Q39,603.84 (≈ 20.89% of total paid)
- Principal is 79.11% of total paid
What to enter
- Loan amount: vehicle price − down payment (do not include the down payment in principal)
- Annual rate: the bank/finance company quote (e.g. 12%)
- Term in months: 24, 36, 48, or 60 are common in Guatemala
Currency is a label — use quetzales or another unit; the math is the same.
Formula
M = P × [r(1+r)^n] / [(1+r)^n − 1]
P is principal, r = annual rate ÷ 100 ÷ 12, and n is months. If the rate is 0%, payment is simply P / n.
Step-by-step example (defaults)
- P = 150,000 · annual rate = 12% · n = 48
- r = 0.12 / 12 = 0.01
- Payment M = 3,950.08
- Total = 3,950.08 × 48 = 189,603.84
- Interest = 189,603.84 − 150,000 = 39,603.84
Tables (same engine logic)
Defaults vs other terms (Q150,000 @ 12%)
| Term | Monthly payment | Total paid | Interest | Interest % |
|---|---|---|---|---|
| 24 months | Q7,061.02 | Q169,464.48 | Q19,464.48 | 11.49% |
| 36 months | Q4,982.15 | Q179,357.40 | Q29,357.40 | 16.37% |
| 48 months (default) | Q3,950.08 | Q189,603.84 | Q39,603.84 | 20.89% |
| 60 months | Q3,336.67 | Q200,200.20 | Q50,200.20 | 25.07% |
Moving from 48 to 60 months cuts the payment by about Q613, but adds roughly Q10,596 in interest.
Amount and rate scenarios (48 months unless noted)
| Principal | Rate | Term | Payment | Interest | Total |
|---|---|---|---|---|---|
| Q100,000 | 10% | 48 | Q2,536.26 | Q21,740.48 | Q121,740.48 |
| Q100,000 | 14% | 48 | Q2,732.65 | Q31,167.20 | Q131,167.20 |
| Q150,000 | 12% | 48 | Q3,950.08 | Q39,603.84 | Q189,603.84 |
| Q180,000 | 13% | 48 | Q4,828.95 | Q51,789.60 | Q231,789.60 |
| Q200,000 | 12% | 48 | Q5,266.77 | Q52,804.96 | Q252,804.96 |
| Q80,000 | 16% | 36 | Q2,812.56 | Q21,252.16 | Q101,252.16 |
| Q120,000 | 11% | 60 | Q2,609.09 | Q36,545.40 | Q156,545.40 |
| Q150,000 | 0% | 48 | Q3,125.00 | Q0.00 | Q150,000.00 |
Rate bands (illustrative, not a quote)
| Vehicle type | Approx. annual range |
|---|---|
| New car | 8% – 14% |
| Used 1–3 years | 10% – 16% |
| Used 4+ years | 12% – 18% |
Real offers depend on the bank, credit score, down payment, and dealer promotions. Compare at least three quotes and ask for the full annual cost when available.
Costs outside the payment
- Down payment: often 10%–30% of vehicle value
- Insurance (usually required with a lien)
- GPS / tracking at some lenders
- Origination, appraisal, and paperwork fees
- Circulation tax and maintenance
This is an educational estimate. It excludes insurance, fees, and prepayment penalties. Confirm the formal bank quote and contract before signing.
How to use the result
- Run the calculator with the real financed amount (price − down payment).
- Compare 36 / 48 / 60 months and watch interest, not only the payment.
- Check affordability with the 50/30/20 rule or monthly budget.
- If you can pay extra, model interest savings with early loan payoff.
Related calculators
- Personal loan — consumer credit payment and cost
- Amortization schedule — month-by-month breakdown
- Early loan payoff — savings from extra payments
- Credit card payment — high-interest balances
- Debt-to-income (DTI) — borrowing capacity
- Effective annual rate (TEA) — compare nominal rates
- Guatemala mortgage — home financing
- Simple interest and compound interest
- Debt payoff — payoff planning
Sources and methodology
- Standard French amortization (fixed payment).
- Rate bands are illustrative market ranges for Guatemala, not bank quotes or approval promises.
- For official terms, use your lender’s disclosure and, when relevant, your local banking supervisor.
French amortization: M = P × [r(1+r)^n] / [(1+r)^n − 1]. With defaults Q150,000 @ 12% / 48 months the payment is Q3,950.08.
Q39,603.84 interest and Q189,603.84 total (about 20.89% of the total is interest).
Roughly 8%–18% APR depending on new vs used, term, and credit history. Always confirm the formal offer.
36, 48, and 60 months. 48 often balances payment vs interest; 60 lowers the payment but raises total cost.
Often 10%–30% of vehicle value. A larger down payment reduces principal and may improve the rate.
Short term: higher payment, less interest (e.g. 24 months @ 12% → Q19,464.48 interest). Long term: lower payment, more interest (60 months → Q50,200.20).
Most lenders allow extra payments or early payoff; some charge a fee. Use the early loan payoff calculator to estimate interest saved.