Auto Payment Calculator



 
 

Auto Payment Calculator

This auto payment calculator figures monthly payments for the six most popular auto loan terms so you can decide which payment best fits your budget.

Simply enter the amount financed and the interest rate, then click the "Calculate Auto Payment Amounts" button.

Amount financed:
Annual interest rate:
Auto payment for 12 months:
Auto payment for 24 months:
Auto payment for 36 months:
Auto payment for 48 months:
Auto payment for 60 months:
Auto payment for 72 months:

Smart Ways To Buying A New Car

Nowadays, having a car is a necessity rather than a luxury.  People purchase a new car for different reasons. Some use it for their business, daily commuting, for recreation purposes or just solely for special functions. Whatever is your reason for buying a new car, the most important deciding factor is always the cost.  The bottom line is always how much can you afford.

Today, the majority of consumers finance their car purchase. Don’t just rely on the car financing sales agent when you buy. Do your assignment at home and use the auto loan payment calculator to compare costs. You need to carefully plan before you buy. Choosing a new car is also like buying a new home.

Steps To Keep In Mind When Buying a New Car

Before deciding which car to buy, ask yourself

  • What is my purpose for buying a car?
  • How much can I afford?
  • What is my monthly auto loan payment?
  • What are the features I would like to have in my car?
  • What type of car do I need?

Nail down the right deal.
Don’t be swept away with the dealership offers of the car sales agent. Go in for the best deal before you drive away your new car. Choose cars with attractive incentives and take advantage of rebates. Calculate how much you need to pay each month using the auto loan payment calculator. Most importantly, be aware of the hidden charges.

Listen to the experts.
Whether you’ve found the vehicle you want through your own research or have been steered to a dealership by a buying service, do your homework by comparing it with other vehicles. Read and analyze expert reviews.

Do a test drive.
Get your feel of the vehicle through test-driving. Check the interiors and exteriors for ride comfort, noise, power/acceleration, braking and handling.

Don’t let the sales agent pressure you.
Relax; don’t rush in buying your car. Car dealers will make you feel that there is a great demand for the model you like. They will even tell you that the special deal will no longer be offered if you will not book today. They will create tactics to force you to book your car. But remember; if the model you like is no longer available, the car dealer will give you all sorts of offer rather than lose the sale. So take your time before closing in a deal.

Cash Vs. Financing

Now that you have decided what car to buy and you’ve got the best deal, what’s next? Are you going to pay cash or apply for financing?

Paying cash in buying your new car is not the most practical thing to do.  You do not want to deplete your savings account to buy a new vehicle. But if you do have lots of cash to spend and your credit rating is not good enough to get a car loan, then opt paying cash.

If you choose to buy your car through financing, take into consideration that the sales agent is working on a commission. They will try to upsell you items like warranties, car alarms and other accessories. And it is through these items that the car dealer gets most money on. Don’t be pressured buying these add-ons. Calculate your monthly auto loan payment before choosing the financing company to deal with.

Auto Payment Calculator Terms and Definitions

  • Amount financed – The car value portion that the financing company is willing to pay.
  • Annual Interest Rate – The rate of interest applied to the amount  financed.
  • Loan Term – The number of years that you will be paying the loan.
  • Commission – The percentage of sales that is given to the salesperson.
  • Financing – The method of buying a car through loan.

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