Bi-weekly Auto Loan Payment Calculator

Bi-weekly Payments Auto Loan Calculator

You can save money on your car loan by making accelerated bi-weekly payments, but the math can be difficult. Having a calculator do the work for you will ensure that you get an accurate answer and eliminate any guesswork. By using the loan amount and understanding the length of the term, as well as the interest owed, you can realize your monthly and bi-weekly payments. The best part? You can also see how much money you will save, and how quickly you will be able to pay off the loan.

Let’s start by going over what the calculator is used for, and afterwards guide you on how to use it.


Calculate your interest saved easily
Save money and interest by using accelerated bi-weekly payments on your auto loan and making 50% of a monthly payment every two weeks. Gradually the weeks will add up, and by the end of the year you will have made the equivalent of one extra month’s worth of payments. Here you can reduce the stress of guessing the possible savings with accelerated payments.
Using the bi-weekly auto loan calculator
In order to achieve the best use of this bi-weekly auto payment calculator, it is important to have some specific information on hand. This includes your first payment date, as well as length of loan and the total loan amount. It will require knowledge of your interest rate, with an additional option of monthly pre-payments to facilitate even greater savings.
When this information is added to the bi-weekly auto loan calculator, you will see integrated graphs and reports of monthly and bi-weekly payments while also calculating the total interest paid on the loan, for both respectively. You can see how the different payment strategies will save you time and money while becoming debt free sooner.
The integrated graphs will assist in your understanding of the car payments and interest between the payment strategies and will outline .
Please see below for a more detailed explanation.
How accurate is the bi-weekly auto loan calculator?
If you remember your first payment date accurately, and have concrete knowledge of your loan term and amount, as well as the interest rate that was agreed upon, you can rely on the information very accurately.
How to use the bi-weekly auto loan calculator
It is very simple to use the Bi-Weekly Auto Calculator, provided you have kept a copy of your purchase records and auto loan information, where you may locate your first payment date.
1. You just simply add this date to the first line of the calculator, or try the calendar function to make this even easier. The first payment date will not always coincide with the date the loan agreement was made, thus you should verify this information.
2. On the second line of the calculator you should add the loan term in months. Common terms include 24 months (two years), 36 months (three years), 48 months (four years), and 60 months (five years), though longer terms are becoming increasingly more common

Therefore, if you aren’t sure it’s best to refer to your purchase agreement, or speak to your dealership before making your calculations.

3. Next, the third line requires the original loan amount. This viewed as the total cost of the car, after the initial down payment, and can be referred to as the portion of the car for which the loan is required. This information should also be readily available with your auto purchase agreement, as most dealerships provide in-house financing. It is however, worth checking to see if a better interest rate may be provided by credit union financing versus the dealership.
4. The fourth line, interest rate, is the amount of interest that is owed on the loan. The interest rate is specified prior to the purchase of the car, and is based off how much of the loan is outstanding for repayment.  While there are different interest rates for each term length, the applicant’s credit score can heavily influence the interest rate that is presented to them.
5. Finally, there is an optional factor of monthly prepayment amount. Using this field will allow more funds to be allocated towards your auto loan repayment to benefit in more interest savings.
Once all of these details have been added you can proceed to view the integrated results.
Your bi-weekly auto loan payment results


There is important information to the right of the information fields, where payments and total interest are calculated for both bi-weekly and monthly assessments. Using this information you can view how different payment strategies affect the interest owed on the loan.
Underneath the information fields is an assessment of how much time will be reduced off of the term of the loan by implementing the accelerated payments. This figure will highlight how much faster you can be free of auto loan debt.

payment graph

Next, there is a tab called bi-weekly repayments payoff, where there is a graph comparison of how the bi-weekly payments in blue, and monthly payments in green, work towards reducing the total loan amount. The graph clearly outlines the time in months, versus the amount left on the loan, to easily identify which strategy will reduce the balance most efficiently.

payment chart

Finally, the second tab is a detailed table of the auto loan pay off schedule, which highlights and contrasts the bi-weekly payments and monthly payments, by each month. This calculator works on the basis that every sixth month you will make a payment of 1.5 times the monthly amount, as the bi-weekly auto payment schedule creates a surplus of one additional month of payments per year.
Remember, that any loan calculator is only as accurate as the information given. It takes determination and responsibility to maximize payments and increase savings, but don’t take a chance on the calculations.