Tax Tool

Loans

Car loan tool

Vehicle loans are usually shorter than mortgages, and the rate is often higher because the car is weaker security than a home. Enter the amount you would finance, not the sticker price, if you are paying a deposit.

Quick math0

Use this for quick arithmetic, percentages, or to check figures while filling in the main tool, without leaving the page.

Your figures

Estimate

7,013 NOK per month

Monthly payment
7,013 NOK
Total paid
420,797 NOK
Total interest
70,797 NOK
Number of payments
60

How this breaks down

Principal
350,000 NOK
Interest rate
7.50%
Interest in the first year
24,217 NOK
Principal repaid in the first year
59,942 NOK

Annuity estimate with a fixed rate and no fees. A bank offer can include establishment fees, a different rate, and a credit check.

How to use this tool

  1. Use Car Loan Tool for the question described above, and check that the inputs match your records and time period.
  2. Enter amount to finance.
  3. Enter annual interest rate.
  4. Enter term.
  5. Change amount to finance, annual interest rate, term to compare scenarios, then check the units in the result.

Worked example with the prefilled values

This example shows how Car Loan Tool uses its starting values. Change the calculator inputs to estimate your own situation.

Amount to finance
350000 NOK
Annual interest rate
7.5 %
Term
5 years

7,013 NOK per month

  • Monthly payment7,013 NOK
  • Total paid420,797 NOK
  • Total interest70,797 NOK
  • Number of payments60

Annuity estimate with a fixed rate and no fees. A bank offer can include establishment fees, a different rate, and a credit check.

Formula and calculation logic

Monthly payment = P × r(1 + r)^n ÷ ((1 + r)^n − 1); if r = 0, payment = P ÷ n

P = principal, r = annual interest rate ÷ 12, n = rounded number of monthly payments; total interest = payment × n − P

P is the loan principal. r is the monthly interest rate as a decimal, and n is the number of monthly payments.

The payment is a fixed annuity. There is no balloon payment at the end.

A five-year example is filled in because that is a common car-loan term. Change it to the term you were offered.

Put the car's running costs next to this payment. Fuel, insurance, tolls, and depreciation often cost as much as the loan.

Assumptions

  • Fees and a residual-value agreement are not included.
  • The sample rate is a placeholder. Use the rate from the lender.
  • Interest on a car loan may be deductible. The tax effect is not subtracted from the payment.

Published sources

Further reading for checking current rules and information. These links are not live inputs to the tool.

Questions about this tool

Should the loan include the deposit?

No. Enter only the amount the lender finances. The deposit is your own money.

How is this different from the general loan tool?

The mathematics are the same. The defaults and the explanation are aimed at a car purchase.

Does an electric car change the loan?

Not in this calculation. It can change tolls, energy, and sometimes the price. Those belong in the car cost and charging tools.