Guided project · 6 steps Cellwise Plus
Car loan comparison in Excel
Compare loan offers by monthly payment and total interest, and find your payoff date.
You will use: ROUND, PMT, MIN, XLOOKUP, COUNTIF, EDATE
Starting data
| A | B | C | D | E | F | G | H | I | J | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lender | Amount | APR | Years | Payment | Total paid | Interest | Least interest | ||
| 2 | Credit union | 26500 | 0.059 | 5 | Monthly budget | 560 | ||||
| 3 | Dealer | 26500 | 0.074 | 6 | Offers in budget | |||||
| 4 | Bank | 26500 | 0.065 | 4 | First payment | 2026-12-15 | ||||
| 5 | Online lender | 26500 | 0.062 | 5 | Credit union payoff |
Build it step by step
Step 1
Find the monthly payment for each offer, rounded to cents, in E2. Fill to E5.
Step 2
What do you pay over the whole loan? Payment times number of months, in F2. Fill to F5.
Step 3
How much of that is interest? Write it in G2, fill to G5.
Step 4
Which lender costs the least interest overall? Put the name in J1.
Step 5
How many offers have a payment at or under your budget in J2? Put it in J3.
Step 6
The first payment is on J4. When is the last credit union payment? Put it in J5.