How to Manually Calculate Outstanding Car Loan Amount

RecalledItems on 29/09/2021 - 21:48

Basically I bought a car a while back, and want to pay it off in full. I made a lot of mistakes whilst I am young, but I am taking this as a learning experience.

Anyways, below information;
Loan amount: 20,440
Rate: 9.4%
Monthly fee: $7 each month during the term
Loan term: 3 years
To date I've paid $11,585.5, and have 17 months remaining on the loan term.

Early termination fee is $150 admin cost + (750/months over loan term) * months remaining = 150 + ((750/36)*17) = $504.16

How do I calculate how much I actually owe to date? As I've paid 11,585.5 (which includes interest), but the loan amount is just 20,440?

Automotive

Comments

  • Hybroid on 29/09/2021 - 21:49
    +12

    Ask them.

    • avoidfullprice on 29/09/2021 - 21:58

      Yup. Request a statement from the lender. Not a rude response. I was with St George a decade ago, I requested a free statement every 7 or 12 months can't remember.

      Using a loan term of 34 months, after 17 monthly repayment of $681.50 (inclusive of the $7 fee), an online loan calculator tells me your balance is about $10,800 - $10,900

  • The Value on 29/09/2021 - 21:59

    If you're able to pay it off in full, you're doing okay buddy.

  • Switchblade88 on 29/09/2021 - 22:24

    If there is a payout fee, you might be able to skirt around it by paying off like 95% of it and then letting the remainder go for a few months at the existing payment rate. You'd then only be paying minimal interest for a few months.

    You'll technically then not be 'terminating' early if you're not actually paying out in full just yet, but it all depends on how your bank decides what is an early termination versus a normal loan finalisation when the balance is paid.

  • mickyb80 on 30/09/2021 - 00:24
    +1

    Imput the details into Excel.
    Use a few formulas and then it should give u the value.

    Loan value - payments.
    (Remaining repayments + monthly fees)* monthly value
    Plus any balloon
    Plus values for early termination fees
    Should give you your payout.

    But best to just get them to calculate it.

  • apsilon on 30/09/2021 - 06:16

    Don't you get regular statements from them or have a portal/app you can login to view the loan details?

  • WizMuncher on 30/09/2021 - 07:53
    -3

    This is an unusual post because it posts to much irrelevant information.

    You can ignore interest rates, period of time you have left and just pay the $150 termination fee - headache over along with the balance you owe which is what you've already paid minus the amount you haven't

    Also, you will stuff up in life, it doesn't really matter as much as you think it does - welcome to the world. The key is learn from it, something you are doing. And I hate to say this but you might benefit from some tutoring in mathematics, beyond that, critical thinking skills.

    I mean that kindly of course. Congratulations on your ability to resolve this issue so easily; get it done, relax and know you're a bit older and wiser in the future.

    • timthetoolman on 30/09/2021 - 11:53

      Perhaps you could get a spelling tutor while he looks for mathematics?
      I mean that kindly of course.

  • Mr Haj on 30/09/2021 - 08:51
    +1

    You should have $10,368 owing on the loan. That being said if you are 19 months into the loan you should have made $12,422 of payments… I haven't bothered including the monthly fee in these calcs either…

    If I were you and had the money to pay out the loan I would take the $150 hit because you still owe $746 in interest PLUS $119 in monthly fees.

    https://imgur.com/PvCTCxC

    • MS Paint on 30/09/2021 - 09:01

      Haven't had a car loan before but if I'm not mistaken isn't the interest calculated at the start and added to the total amount owed. Therefore paying out the loan early will save you no money at all except the $7 monthly fee.

      Happy to be proven wrong.

      Maybe OP has a personal loan and calculated differently.

      • apsilon on 30/09/2021 - 09:29
        +1

        Possibly, it depends on the loan conditions.

  • redfox1200 on 30/09/2021 - 08:58
    +1

    just login to your internet banking and look at the balance

  • Archi on 30/09/2021 - 09:38
    +1

    is it just me or… 9.4% alot.

    • oscargamer on 30/09/2021 - 12:08

      It is a lot, and coupled with a $7/mth is not good.

Login or Join to leave a comment
Login Join