Vehicles
Car loan calculator for Colombia
Calculate the monthly payment for a new or used car or motorcycle with the effective annual rate (E.A.) Colombian banks quote — or start from your budget and find the most expensive car you can finance.
Car loan simulator
Monthly payment (before insurance)
COP 1,638,136
- Down payment
- COP 16,000,000
- Amount financed
- COP 64,000,000
- Total interest
- COP 34,288,183
- Total paid to lender
- COP 98,288,183
- Monthly rate
- 1.531% M.V.
- Income for 30% ratio
- COP 5,460,455
In year one, COP 11,057,336 of your payments goes to interest and COP 8,600,301 to principal.
Estimate with a fixed rate. Excludes life insurance, full-coverage insurance and study fees. Confirm with your bank.
Payment table: 20% down at 20% E.A.
| Car price | 36 months | 60 months | 72 months |
|---|---|---|---|
| COP 40M | COP 1,162,847 | COP 819,068 | COP 736,583 |
| COP 60M | COP 1,744,270 | COP 1,228,602 | COP 1,104,875 |
| COP 80M | COP 2,325,694 | COP 1,638,136 | COP 1,473,167 |
| COP 120M | COP 3,488,540 | COP 2,457,205 | COP 2,209,750 |
Monthly payment before insurance. Change the rate in the simulator for your offer.
Before you sign
- • Ask for the rate as E.A. and the total cost including life and full-coverage insurance.
- • A bigger down payment cuts interest more than a longer term saves on the monthly payment.
- • For a used car, check the RUNT history, SIMIT fines and pending taxes before paying anything.
- • Extra payments to principal shorten the loan — confirm there is no prepayment penalty.
Full cost of owning the car
Frequently asked questions
How is a car loan payment calculated in Colombia?
Banks quote an effective annual rate (E.A.). It is converted to a monthly rate with (1 + E.A.)^(1/12) − 1, and the fixed payment follows the French amortization formula: early payments are mostly interest, later ones mostly principal. Insurance (life and full coverage) is charged on top.
How much is the payment on an 80 million peso car?
With 20% down (COP 16,000,000), 20% E.A. and 60 months, the payment is about COP 1,638,136 per month before insurance, and you pay about COP 34,288,183 in interest over the loan.
How much income do I need for a car loan?
Most lenders want all your debt payments to stay around 30% to 40% of monthly income. The simulator shows the income that keeps this payment at 30%. Credit history (DataCrédito/TransUnion) and job stability also matter.
What interest rate should I use?
The default 20% E.A. is only a starting point. Rates change with the Banco de la República policy rate, your credit score, whether the car is new or used, and dealer campaigns. Compare offers with the rates published by the Superintendencia Financiera.
Is a shorter or longer term better?
A longer term lowers the monthly payment but raises the total interest a lot. A shorter term costs less overall. Many lenders allow extra payments to principal without penalty — ask before signing.
What other costs come with buying a car?
Budget for the transfer (traspaso) or registration, SOAT, the annual vehicle tax, the technical inspection, and full-coverage insurance, which lenders usually require. Colombia Move has calculators for each one.
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