Auto Loan Calculator

Answer 1

Auto Loan Calculator

Use this calculator to help you determine your monthly auto loan payment or your auto purchase price. After you have entered your current information, use the graph options to see how different loan terms or down payments can impact your monthly payment. You can also examine your complete amortization schedule by clicking on the "View Report" button.

Answer 2

When comparing auto loans, it is not always as simple as comparing the interest rates. If the terms and the monthly payments are the same, then the interest rate is the only factor to consider. This is not typically the case, of course.

If you use a calculator for auto loans, you will be able to make a much more detailed comparison between auto loans. The two factors that are most important to consider when deciding between auto loans are the monthly payments and the overall cost. The monthly payments absolutely must fit your budget, preferably comfortably. Lenders will generally tell you what the monthly payment about will be.

To find the total cost of the loan, a calculator for auto loans will require the monthly payment, the interest rate, and the term of the loan. The overall cost of the loan, and the total amount of interest that you will pay, will often be much higher than you expect.

It is best to avoid any loan with a term longer than two years. Not only does this increase the amount of interest that you will have to pay, but the value of your car drops off sharply after two years, meaning you could owe more on the loan that you could sell the car for.