Table of Contents
Auto Loan Repayment Excel Template Free Download
Organizing a repayment plan for an auto loan is an important step for individuals and businesses to manage their vehicle financing.
The Free Auto Loan Repayment Excel Template from Dexovise is a downloadable tool that calculates monthly payments, total interest, and a detailed amortization schedule for auto loans, including options for down payments and trade-ins.
Get this auto loan repayment calculator excel template to plan your car financing with accuracy.
More Financial Templates
Key Features of the Auto Loan Repayment Excel Template
The auto loan repayment excel template is designed to help consumers and businesses understand and manage their auto loan payments. It offers several features to assist with financial planning for vehicle purchases.
The following features show how the template works:
- Supports loan terms up to 120 months, fitting common auto loan durations for new or used vehicles.
- Allows selection of payment frequencies, such as monthly or biweekly, to match typical auto loan agreements in the United States.
- Includes fields for down payment and trade-in value, reducing the loan amount for accurate payment calculations.
- Provides inputs for fees, such as destination charges or taxes, to calculate the total cost of financing a vehicle.
- Generates a chart showing the breakdown of principal, interest, and fees, helping users see their payment structure clearly.
- Calculates monthly payments and total interest using monthly compounding interest, which is standard for most US auto loans.
- Produces an auto loan amortization schedule that lists principal and interest for each payment, up to 120 months.
- Features a month wise progress column in the amortization schedule excel free download, making it easier to track repayments over time.
- Offers a simple design with clear instructions, making it easy for consumers to use the template for car loan planning.
How to Use the Auto Loan Repayment Excel Template
The auto loan repayment excel template helps users calculate and track payments for an auto loan by entering specific details about the vehicle financing.
This free auto loan repayment excel tool makes it straightforward to understand loan costs for consumers.
Below are the steps and inputs needed to use the template:
- Loan Amount: Enter the amount borrowed for the vehicle, after subtracting any down payment or trade-in value.
- Annual Interest Rate: Provide the yearly interest rate, shown as a percentage, which is the cost of the auto loan, often called the APR in the United States.
- Loan Term: Specify the repayment period in months, up to 84 months, or in years, matching common auto loan terms.
- Payment Frequency: Choose monthly or biweekly payments to fit the loan’s repayment schedule.
- Down Payment: Enter the cash amount paid upfront, which lowers the loan amount needed for the vehicle.
- Trade-In Value: Input the value of a vehicle traded in, if applicable, to reduce the loan amount further.
- Fees: Add fees, such as destination charges or sales taxes, to include in the total financing cost.
To use the auto loan amortization schedule, download the template, open it in Microsoft Excel, and follow the instructions to enter your details in the provided fields.
The template will calculate the monthly payment, total interest, and a complete amortization schedule, showing the repayment plan for your car loan repayment template clearly.
How Auto Loan Payments Are Calculated
The auto loan repayment excel template determines monthly payments and total costs for an auto loan by using a formula based on simple interest, which is common for vehicle financing.
This calculation considers the loan amount, annual percentage rate (APR), loan term, and additional costs like fees to show the full repayment plan.
Below, the formula, its Excel version, and an example explain how the template works.
For auto loans, payments are typically calculated with simple interest:
Monthly Payment = [P × (1 + (r × t))] ÷ (t × 12)
Where:
- P= Loan principal (amount borrowed, after down payment/trade-in)
- r= Annual interest rate (as a decimal)
- t= Loan term in years
In Microsoft Excel, the PMT function is used for precision:
=PMT(r/12, t*12, -P)
Where “r” is the APR, “t” is years, and “P” is the loan amount (negative for outgoing payments).
The excel auto loan calculator free download applies this function, including fees like taxes, to calculate total costs and provide an auto loan amortization schedule.
| Category | Details |
| Loan Amount (after $2,000 down payment) | $18,000 |
| Annual Percentage Rate (APR) | 4.5% (0.045) |
| Loan Term | 5 years (60 months) |
| Payment Frequency | Monthly |
| Sales Tax Fee | $1,000 |
Example Calculation: Consider an individual financing a vehicle:
Using the Excel PMT function:
- Monthly rate = 0.045 ÷ 12 = 0.00375
- Total payments = 5 × 12 = 60
- PMT = PMT(0.00375, 60, -18,000) ≈ $335.79
Total repayment over 60 months is 335.79 × 60 = $20,147.40, with interest of $20,147.40 – $18,000 = $2,147.40, plus the $1,000 fee, yielding a total cost of $21,147.40.
The car loan repayment template creates a schedule showing each payment’s principal and interest, helping users understand their repayment plan clearly.
What Are Auto Loans and Their Key Terms
An auto loan is a type of financing that helps individuals or businesses purchase a vehicle, such as a car, truck, or van, by borrowing money from a lender, like a bank or credit union.
The borrower repays the loan over a set period, usually 3 to 7 years, with interest added to cover the cost of borrowing.
The auto loan repayment excel template helps users calculate and track these payments for better financial planning.
Several key terms define how auto loans work in the US market. Below are the main terms explained:
- Annual Percentage Rate (APR): The yearly cost of borrowing, shown as a percentage, which includes the interest rate and sometimes fees, affecting the total loan cost.
- Down Payment: A cash amount paid upfront when buying the vehicle, reducing the loan amount and monthly payments.
- Trade-In Value: The amount a dealership offers for a vehicle traded in, lowering the loan amount needed for the new purchase.
- Simple Interest: The method used in most US auto loans, where interest is calculated only on the remaining loan balance, unlike compound interest.
- Loan Term: The length of time, in months or years, over which the borrower repays the loan, typically 36 to 84 months for auto loans.
Understanding these terms is necessary for managing vehicle financing, and the amortization schedule excel free download helps by showing how payments reduce the loan balance over time.
What Are the Factors That Affect Your Auto Loan
Several factors influence the cost and terms of an auto loan, impacting monthly payments and total interest for vehicle financing.
Knowing these factors helps borrowers make better choices when using the auto loan repayment excel template to plan their repayments.
Below are the main factors that affect an auto loan:
- Credit Score: A number showing a borrower’s credit history, where a higher score (e.g., 700 or above) often leads to lower interest rates, reducing loan costs.
- Loan Term: The time period for repaying the loan, where longer terms (e.g., 7 years) lower monthly payments but increase total interest paid.
- Vehicle Type: New vehicles often have lower interest rates than used ones, and luxury or high-cost vehicles may require larger loans, affecting payments.
- Down Payment and Trade-In: Paying more upfront or trading in a vehicle reduces the loan amount, lowering monthly payments and interest.
- Market Interest Rates: The overall rates set by lenders, influenced by economic conditions, affect the APR offered for auto loans.
These factors determine the loan’s cost and structure, and the free auto loan repayment excel tool helps users see how they affect payments and total costs for a clear repayment plan.
Benefits of Using the Auto Loan Repayment Excel Template
The auto loan repayment excel template offers important advantages for consumers and businesses managing vehicle financing. It helps calculate and organize payment details for an auto loan, making it easier to understand the total cost.
The following sentences describe the benefits of using this tool:
- It finds the monthly payment amount and total interest for an auto loan, helping users see the full cost of their vehicle purchase.
- The auto loan amortization schedule lists each payment’s principal and interest for up to 84 months, showing how the loan balance decreases over time.
- It allows users to include down payments and trade-in values, adjusting the loan amount to show lower payments accurately.
- A chart shows how payments are split between principal, interest, and fees, helping users understand their repayment plan clearly.
- The simple design with clear steps makes it straightforward for consumers to use the template without confusion.
Why Plan Your Auto Loan Repayment with Our Template
Preparing a repayment plan for an auto loan is a necessary step for individuals and businesses to manage their vehicle financing responsibly in the United States.
The auto loan repayment excel template helps users calculate payments and see how their loan will be repaid, assisting in organizing their finances.
The following sentences explain why this tool is needed for planning:
- It shows the monthly payments needed for an auto loan, helping users plan their budget to cover vehicle costs.
- The amortization schedule excel free download tracks principal and interest payments each year, making it easier to plan finances over the loan term.
- It calculates the total interest paid, allowing users to compare loan terms and choose one that costs less overall.
- Changing details like extra payments or loan term in the template shows how these affect the total cost, helping users make better financing choices.
- The excel format lets users save and review their repayment plan anytime, supporting ongoing budgeting for their vehicle purchase.
