Auto loan payment
What is the monthly payment on a $15,000 car loan?
A $15,000 auto loan at a 7% APR over 5 years has a monthly payment of about $297. Over the full term you'd repay roughly $17,821, including about $2,821 in interest. $15,000 is typical of a reliable used car or a heavily discounted new compact — a smaller balance you can often clear in 3–4 years. The table below shows the payment for every common rate and term.
$15,000 car loan: monthly payment by rate & term
Estimated principal & interest only, fixed rate. Pick the row for your APR and the column for your term.
| APR \ Term | 3 yr | 4 yr | 5 yr | 6 yr | 7 yr |
|---|---|---|---|---|---|
| 4% | $443 | $339 | $276 | $235 | $205 |
| 5% | $450 | $345 | $283 | $242 | $212 |
| 6% | $456 | $352 | $290 | $249 | $219 |
| 7% | $463 | $359 | $297 | $256 | $226 |
| 8% | $470 | $366 | $304 | $263 | $234 |
| 9% | $477 | $373 | $311 | $270 | $241 |
| 10% | $484 | $380 | $319 | $278 | $249 |
| 12% | $498 | $395 | $334 | $293 | $265 |
How the payment is calculated
A fixed auto loan amortizes: each month interest is charged on the balance and the rest of the payment reduces principal. The payment is principal × monthly rate ÷ (1 − (1 + monthly rate)−months). For $15,000 at 7% over 5 years that's about $297 a month.
Want to model your own rate, term, down payment, or trade-in? Use the auto loan calculator for the live payment and total interest.
What changes the real cost
- Term length: 6–7 year loans lower the payment but cost much more interest and risk going "underwater".
- Rate: your credit score drives the APR — a few points changes total cost significantly.
- Down payment & trade-in: reduce the amount financed and the payment.
- Tax & fees: often financed too, raising the real loan above the sticker.
Frequently asked questions
What is the monthly payment on a $15,000 car loan?
At a 7% APR over 5 years, a $15,000 auto loan costs about $297 per month. The exact payment depends on your rate and term — see the table above for the full range.
How much interest will I pay on a $15,000 car loan?
At 7% over 5 years you'd repay about $17,821 in total, of which roughly $2,821 is interest. A shorter term raises the monthly payment but cuts total interest sharply.
Does this include tax, title, and fees?
No. These are principal-and-interest estimates on the amount financed only. Sales tax, title, registration, and dealer fees are often rolled into the loan and would increase the amount and the payment.