Q:

Where can I learn common interest rates for auto loans with monthly payments?

A:

Quick Answer

The Bankrate website gives the consumer access to automobile loan interest rates and monthly payments. As of 2015, this website offers weekly updated interest rates for banks, thrifts and credit unions.

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Full Answer

Toward the middle of the page, there is an area where the consumer can choose the type of loan, elect refinance or purchase and adjust the length of the loan. Clicking on the next button will bring up a list of several lending institutions with the interest rates. The list of institutions and rates are based on the consumer's location. Choosing the auto tab on the top of the page will also allow the consumer to find auto interest rates.

The drop down menu also gives the consumer the choice of using the Auto Loan Calculator. Entering the loan amount, term of loan, interest rate and start date will calculate the monthly payment. A pie chart exhibits the monthly payment and what portion is interest and how much is principal.

Directly under the calculator, there is a button that will show the amortization schedule. The consumer can apply extra payments to the loan, if desired, in this section.

Additionally, the home page allows the consumer to look up interest rates for mortgages, credit cards, investments and bank accounts. The consumer can obtain an automobile insurance quote on the same site.

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