A car loan payment calculator provides you with all the information you need for your next automobile purchase. By entering information, such as the value of the car you plan to purchase and the trade-in value of your existing car, you can see at a glance what your payment will be as well as the total cost of your loan.
Using the Car Loan Payment Calculator
The car loan payment calculator, available here for free, makes purchasing decisions less stressful and easier to budget. The calculator allows you to play around with various numbers, to see how your payment will change if you have a larger down payment or finance for a shorter period of time. You can customize the car loan payment calculator in many ways, such as including a down payment, only using a trade-in and customizing the length of the loan. By playing around with these numbers, using this free, easy to use calculator, you will be better prepared when heading to the auto dealership. You can download the calculator straight from this page and use it over and over, at no cost.
Using the car loan payment calculator is straightforward. Enter the purchase price of the car, the amount you have available for a down payment, the trade-in value of your existing car, the interest rate you anticipate on your loan and the length of time you want the loan to extend. The calculator then calculates the total cost of your loan and the amount of your monthly payment. If the monthly payment amount is higher or lower than you anticipated paying you can adjust the numbers until you are happy with the results.
A larger down payment or longer loan terms make your monthly payment lower, although extending the loan terms raises the total cost of your loan. Shortening the loan term will raise your monthly payment but lower the total cost of your loan. After spending some time with the car loan payment calculator, you may find you need to find a less expensive car or save some additional money for a down payment, or you may be pleasantly surprised that the car you want is more affordable than you originally believed.
Download: Car Loan Payment Calculator