There is nothing quite like buying a brand new car. However, most of us do not have the funds necessary to buy a car with cash. As a result, the majority of people have to take out an auto loan in order to pay for their new car. The price of paying back this auto loan will end up inflating the price of the car, and this must be considered when choosing to buy a car. Calculating the compound interest of your auto loan can be tricky, however this free and easy-to-use Excel Auto Loan Payment Calculator can make the process much easier.
How to Use the Excel Auto Loan Payment Calculator
- First, download the Excel Auto Loan Payment Calculator for free from this website. Then, open it using Excel in order to view it.
- Next, you’ll need to put in the dollar amounts of the car cost, down payment, trade-in value, interest rate, and length of loan. Once this information is input into the template, it will automatically compute the monthly payments that you will have to make as well as the final cost of the car.
- Because the Excel Auto Loan Payment Calculator is fully customizable, you can add more information to the template as necessary.
Tips on Using the Excel Auto Loan Payment Calculator
- Once you know the cost of the car that you wish to buy and how much of a down payment you can afford, you will also need to research its trade-in value, interest rates and the length of the loan. This information differs from bank to bank, as each one offers different interest rates and payback plans. It is recommended that you look into several banks to determine which offers the best rates.
- If you want to compare interest rates and final costs on the same spreadsheet, you can copy the template and then paste it below the original. You could then label the spreadsheet with the name of the bank providing the corresponding interest rate. This would allow you to compare final costs on the same spreadsheet and allow you to more easily determine the best loan plan for buying your new car.
Buying a new car can be a stressful event. However, with the Excel Auto Loan Payment Calculator, figuring out the final cost of the car is easy.
Download: Excel Auto Loan Payment Calculator