What is the formula for the car loan payment?
Equal installment: P×r×(1+r)^n ÷ ((1+r)^n − 1). Equal principal: loan/n + remaining × monthly rate.
Calculate car loan payments in CNY, including total interest and a full repayment schedule, with equal-installment, equal-principal and monthly / bi-weekly options.
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How is the monthly payment calculated?
The monthly payment depends on the loan amount, annual rate and term. Loan amount = vehicle price − down payment. The annual rate is divided by 12 for the monthly rate; periods = term (months) converted by frequency (12/year monthly, 26/year bi-weekly).
Equal installment keeps every payment the same, with interest-heavy early periods — ideal for steady income. Equal principal repays the same principal each period, so interest falls monthly: higher early payments, lower total interest.
In 2026, auto loan rates in China commonly range from 4% to 6% (spread above the 5-year+ LPR of 3.5%). Your actual rate depends on credit, down payment, vehicle and lender.
Key Points
· Loan amount = price − down payment; a 20%+ down payment is common for new cars.
· Monthly rate = annual rate ÷ 12; equal principal payment = loan/periods + remaining × monthly rate.
· Longer terms lower the payment but raise total interest; 36 months (3 years) is the mainstream choice.
· Bi-weekly payments (26/year) trim total interest and pay off faster.
Example: price ¥150,000, 20% down (¥30,000), 4.5% annual, 36 months, equal installment → loan ¥120,000, payment ≈ ¥3,570, total interest ≈ ¥8,507.
Key Terms
Monthly payment：The fixed amount paid each period, including principal and interest.
Equal installment：Every payment is identical; the principal share grows over time.
Equal principal：Same principal each period; interest decreases with the balance.
LPR：China's Loan Prime Rate; auto loan rates are usually a spread above it.
Source: Administrative Measures for Automobile Loans (PBoC & CBIRC Order No. 2 of 2017), People's Bank of China · Loan Prime Rate (LPR)
Results are for reference only and do not constitute lending advice. Actual rates, terms and fees depend on your bank or auto finance company.
常见问题
What down payment should I make?
New cars usually require at least 20% down. A larger down payment lowers both payments and total interest.
How long can a car loan run?
Under the Administrative Measures for Automobile Loans, auto loan terms (incl. extensions) may not exceed 5 years (60 months); used-car loans are capped at 3 years (36 months). Longer terms lower the payment but add interest.
Equal installment or equal principal?
Equal installment has stable payments; equal principal costs less interest overall and suits stronger cash flow.
What is a typical car loan rate in China?
In 2026, new-car rates commonly run 4%-6%; used cars are higher. Your lender decides the final rate.