Set to purchase your next vehicle? It’s easy to stress overevery aspect of the car-buying process. Choosing a vehicle that suits yourwants and needs is just the start. Purchasing a motor vehicle is the secondbiggest financial investment adults will make in their lifetime.
If you’re like most buyers, you’re probably planning to financeyour vehicle purchase with a loan from a bank or financier, and right now, you’rewondering what you can expect in monthly payments.
A monthly car payment is generally determined by a lenderbased on certain considerations: the vehicle’s full value, the purchaser’scredit score, the purchaser’s debt-to-income ratio, the length of the loan, thedown payment amount.
Though a lot is out of your hands here and trying tocalculate all those variables surely has you scratching your head, there areways to hack the process and at least glean some idea of what you can affordbefore you buy.
Our Auto Loan Calculator will help you budget ahead of timefor your vehicle purchase.
Visit our “Payment Calculator” page to quickly find out how muchyou’ll need to purchase the vehicle you want.
To begin calculating your payment enter the price of thevehicle you’re interested in, followed by the down payment amount you canafford. The estimated interest rate, known as the A.P.R. is calculated for you,but can be changed if that information is available to you.
You can also adjust the term of your loan, selectinganything from 12 to 84 months. Once you’ve entered all your info, the calculatordoes the work to provide you with an estimated dollar amount for your monthlypayments.
It’s just that quick and easy! Though it’s important to keep in mind that the results of the calculator are just an estimate and not a guaranteedrate, this a great place to start and will help alleviate some of your concernswhen buying a vehicle!