Auto Loan Calculator - Calculatorall.com
If you can estimate the auto loan payments prior to visiting a car lot, it will allow you to negotiate better and you'll be able to select the best possible loan term for you as well as a down payment that doesn't break your budget. Even though it may not be possible for you to calculate the exact monthly payments, but a good auto loan calculator can allow you to make a well-informed decision. Here are a few descriptions that you need to understand for using our auto loan calculator effectively.
Normal Loan Calculator
Reverse Loan Calculator
Auto Price:
This field requires you to enter the amount that you believe you'll have to pay for getting desired car after all the negotiations. You may enter the sticker price or MSRP for the vehicle that you want to buy. You may even be able to get a discounted price after all the negotiations and manufacturer rebates can also contribute towards lowering the overall price.
Trade-In Value:
Here, you'll have to enter the amount that you expect to trade your current car for. Some online guides can help you determine this but remember not to check retail cost as trade-in value is actually different.
Down Payment:
It is the amount that you can pay up front for securing the car. If you're looking to buy new car then you should keep it at 20% at least.
Interest Rate:
The interest rate is the percentage at which your loan's interest will be calculated. If you're aware of the credit score that you maintain, it is possible to calculate the rate at which you can expect to get the loan.
Loan Term:
Loan Term is the time that will be required for paying the loan back. Usually, car loans can extend up to anywhere between 2-6 years. However, longer the period you want to take, more will be the interest you'll have to pay. So, try to keep it under 6 years.
Results:
The results shown by the auto loan calculator give you the Beginning Balance of your loan for each month, the interest that will be paid on the loan, the Principal amount and ending balance for the month. This estimates how much you have to pay every month and you can easily determine if the loan is feasible for you or not. If you don't find it good, then try running the auto loan calculator again with different values.
