First steps with an auto loan calculator
When seeking an auto loan, start your search in familiar territory. Talk to your bank or credit union. Also, check with your employer to see if he or she offers auto financing. Avoid places that cater to people with poor credit reports.
When you shop, bring someone with you. You'll get an extra set of eyes and ears. Also, your companion can play a role, such as the person who's unimpressed with a particular offer.
Check your credit
Before you use an auto loan calculator, first check your credit score. If you have bad credit, you've got some work ahead of you. You can get to the auto loan calculator later on.
You don't need to accept a high interest rate just because you really need to get a loan. Shop around, because there are still deals to be had. A credit score that pigeonholes you into taking on a subprime mortgage, for instance, might still allow you to get a favorable auto loan.
Best loan rates
When using an auto loan calculator, search for the lowest APR. Don't be tempted to get a lower monthly payment for a much longer loan. If you need a long auto loan, you can't really afford the car.
You might need to use an auto loan calculator if you co-sign a loan and the person you co-signed with defaults on the loan or can no longer afford to pay it off. You'll need to know how long you will be burdened with this new responsibility.
The problem with co-signing a loan is you're risking your credit, money and relationship with the borrower all at once. It's important to keep in mind the person you co-signed for probably already went to a lender who wouldn't approve him. They decided this person was too risky to lend money to.