A car loan amortization schedule with extra payments is an essential tool to visualize someone’s car loan over the loan term given by the lender. With this template, you would be able to insert all your required inputs for a car loan and get the necessary outputs along with an amortization table and a summary chart to visualize balance trends. You can also compare the results by making some extra payments and calculating the estimated interest savings and time saved.
Download our free template to get your own car loan amortization schedule with extra payments and read the article to learn how to use this template efficiently.
This template will be very helpful to car owners, students, business persons, job holders, and all kinds of borrowers and lenders who are looking forward to taking or giving a car loan.
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Download Excel TemplateFor: Excel 2007 or later
License: Private Use
What Is Car Loan Amortization Schedule?
A car loan amortization schedule is a visualization tool to repay a loan that is taken for buying a car. From this schedule, one can get his regular due payment to repay the loan taken for purchasing a car. Besides, while paying off, s/he can visualize which amount s/he is paying each period as principal or interest and how the loan balance is decreasing over the loan term from this schedule.
What Are Extra Payments?
Extra payments are the payments that a borrower makes after paying his/her regular payment. If a borrower has an excess amount of money to pay, s/he can make some extra payments after his/her regular payment. S/he can make these payments on a regular basis or irregular basis. This is a good approach to pay off the loan quicker which results in paying less interest and getting out of debt in less time.
Read More: Excel Car Loan Amortization Schedule Template
Excel Car Loan Amortization Schedule with Extra Payments Template
In this template, you can insert necessary inputs like vehicle price, down payment, loan date, loan term, regular payment frequency, extra payment frequency, etc. You will get an amortization table based on your inputs and you will get an output summary containing all necessary outputs along with time saved, estimated interest savings, etc. You will also get a summary chart to visualize principal paid, interest paid, and balance trends.
How to Use This Template
Follow the instructions below to use this template efficiently.
Instructions:
- Open the template and insert the necessary inputs in the blue shaded area according to the Loan Details column.
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- After inserting the required inputs and choosing the necessary dropdowns, you will get your regular payment amount. If you want to make some extra irregular payments, you have to do it manually in the amortization schedule in the Extra Payments (Irregular) column.
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- You will get an amortization schedule along with an output summary containing necessary output values. You will also get a summary chart to visualize balance trends.
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Read More: Amortization Schedule Excel Template with Extra Payments
Car Loan Amortization Schedule with Extra Payments Tips
- Insert all necessary inputs properly and choose dropdown properly according to your loan details.
- To insert inputs properly, follow the notes given in the template.
- You have to choose interest compounding frequency as equal to or greater than regular payment frequency. Otherwise, it would result in an error.
- You have to choose the extra payment frequency as a multiple of the regular payment frequency. Otherwise, the dates won’t match properly and an error might occur.
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Get FREE Advanced Excel Exercises with Solutions!
Your formula above does not apply the extra payment to the balance. How would I change the formula to account for that extra payment being applied?
Hi MICHELLE,
Greetings and thank you for your inquiry.
To apply the above formula to the extra payment, you need to change the formula in cell H12 as follows:
=H11+G12-D12
This means (Original Balance-Principal-Extra Payment).