A car loan calculator has revealed the average monthly payment for a vehicle loan, which includes interest and fees.
News.co.uk is publishing this article on the basis that the calculator has been created by the National Automobile Dealers Association, an industry group.
Car loans can be purchased from the dealer, financed online or by a finance company, with a range of interest rates.
The calculator shows the interest rate for the first 12 months, and then the interest rates over the longer term, based on a car’s current value.
It is intended to provide the average car loan value per year.
However, this calculator does not take into account the costs of buying a new vehicle, including engine maintenance, insurance, vehicle maintenance, paint and other repairs.
For more on finance, see: What you need to know about car loans