How to Get an Amortization Chart for a Car Loan

An amortization chart for a car loan is handy to have as this will be your car loan payment schedule. A car loan calculator found on the Internet can help you see what a monthly payment will be, but a chart will show you more details about a loan.

How to Get an Amortization Chart for a Car Loan Online

1. Search - Using an Internet search engine, look for a car loan calculator that will also create an amortization chart.
2. Fill in the blanks - The calculator will have blank spaces for you to fill in with specific information: the car loan amount, loan term, yearly interest rate and the day the loan started. The calculator should be able to figure out how much your monthly payment is, or you can enter that information yourself if you know it.
3. Calculate - The basic information you entered will calculate exactly how much of your monthly payment is going towards the principal of the loan and how much is paying the interest. As you examine the chart, you’ll notice that the amount you pay towards interest will decrease as the amount you pay towards the principal increases. You’ll also be able to see how much interest will be paid in dollar amounts. For example, a 4-year $10,000 auto loan with 8% interest will end up costing you almost $2,000 more than the actual loan amount.
4. Play with the figures - If you don’t like the idea of how much interest you’re paying, change the numbers a bit. An amortization chart will show you how much money you’ll save in interest if you increase the amount of your monthly car payment.

How to Get an Amortization Chart for a Car Loan without Using the Internet

A spread sheet can do more than just organize information into columns—it can perform calculations too. You don’t need to know how to program a spreadsheet to be able to make an amortization chart anymore with these steps.

1. Find a reputable office productivity site that offers free downloads - You can do this by using a search engine or looking on the website of the company that created your spreadsheet software.
2. Find the right type of chart - Some amortization charts will show loans that have compounded interest, which aren’t the kind you want. Look for a chart that states it’s specifically for a car loan; one for a home loan will also work.
3. Download it - Download the spreadsheet file and save it to a location on your computer that’s easy for you to find.
4. Fill in the numbers - Like the chart you can use online, input the appropriate data in the corresponding cells. You can save all the different calculations you made into different several different worksheets or files.

An amortization chart can give you the big picture about a car loan you have or want to get. It doesn’t hurt to play with one to see what your bottom line looks like.