Dealer Services
Dealer Services

How much of my monthly payment is interest?

With a simple interest loan, there is a daily interest charge and you will pay interest on the number of days between your payments.

Example
If the daily interest charge is $2.50 and it has been 30 days since your last payment was made, the interest due will be $75.00 ($2.50 x 30 days). Let’s use the same daily interest charge, but now say it has been 40 days since your last payment was made, the interest due will be $100.00 ($2.50 x 40 days).

To learn how to calculate the daily interest charge, visit How do I calculate interest on an auto loan?

With a simple interest loan, there is a daily interest charge and you will pay interest on the number of days between your payments.

Example
If the daily interest charge is $2.50 and it has been 30 days since your last payment was made, the interest due will be $75.00 ($2.50 x 30 days). Let’s use the same daily interest charge, but now say it has been 40 days since your last payment was made, the interest due will be $100.00 ($2.50 x 40 days).

To learn how to calculate the daily interest charge, visit How do I calculate interest on an auto loan?

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