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Auto Loan Velocity Banking with Additional Loans

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Velocity Banking for Car Loans

Use Additional Loans to Pay Your Car Faster



Tutorial for the Auto Loan Velocity Calculator below.
Additional Payments
Add additional principal payments here. Choose the amount and the month you are going to pay it as well as the term and interest rate paid on the amount.

Initial Loan Schedule

Additional Payment Schedule(s)

How we calculate interest

This calculator uses a monthly interest rate equal to your APR divided by 12 (a 24% APR becomes 2% per month). That is exactly how U.S. credit card companies and most lenders charge interest each month, so the totals here reflect what you would really pay.

If another calculator shows you a different number, it is almost always because it converts the rate a different way. Some use an “effective annual” formula — (1 + APR)1/12 − 1 — which gives a slightly lower monthly rate and makes debt look cheaper and quicker to pay off than it actually is. Others compound daily (APR ÷ 365), which runs a few dollars higher. We deliberately use the plain APR ÷ 12 method because it matches your statement. Small differences between tools are normal and come down to this single choice.