By the Numbers
How Much Car Can I Afford?
The Refinance Option
*APR is the Annual Percentage Rate. Rates depend on the individual's excellent and substantial credit and key loan characteristics, including amount, term, vehicle age. A representative example of payment terms are as follows: a loan amount of $20,000 with an APR of 7.50% and a term of 70 months, would have a monthly payment of $353.63 with no down-payment required.
Take the mystery out of car loans by using a Car Loan Payment Calculator.
Nothing will take the fun out of the car buying experience faster than talking financing.
Interest rates, loan terms and monthly payments; it can all get pretty confusing. One way to avoid all the confusion and make sure that you won’t be getting any unexpected surprises is to use a Car Loan Payment Calculator. With only a few key pieces of information and a couple clicks of the mouse, a payment calculator will give you an accurate estimate of your monthly car payment before you even begin shopping for a vehicle.
Perhaps the most important thing you need to know before you begin to shop for your next vehicle is how much you can afford to spend. Far more important than vehicle options or features, even more important than gas mileage and warranties, you should never begin your vehicle search without first knowing how that vehicle purchase is going to fit into your monthly budget.
What if you have no idea how much you can afford to spend on your next vehicle? Using a Car Loan Payment Calculator can help. The first step should be to take a look at your monthly budget. See just how much income
is coming in every month and how much excess income is available to allocate to a vehicle after taking care of all of your other monthly expenses.
Using a Car Loan Payment Calculator is easy. You only need three pieces of information. First, you need to know the loan amount, which is the total cost of the vehicle including taxes, tags and any other applicable fees minus any cash down payment you will be making at the time of purchase. Next, you need to know the interest rate that is being charged by the lender; and, finally, you need to know the loan term, which is the length of the loan in months.
When you enter all three of these items into the Car Loan Payment Calculator. you will get a very accurate estimate of your monthly car payment. Always keep in mind that your car payment is not the only cost associated with owning a vehicle. Car insurance, gasoline and vehicle maintenance costs all need to be taken into consideration. When using a loan payment calculator, you can also adjust any of the information that you entered into the loan payment calculator to see how changes in the vehicle price, the interest rate or the loan term will affect your monthly car payment. Then you will know exactly which financing options are right for you.
For more information about automobile financing or to try a Car Loan Payment Calculator. visit RoadLoans.com today.
Car loan and auto refinance experts for people with bad credit, RoadLoans.com provides a car loan calculator and car financing to buy new and used autos. Save money and time and apply online today!
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