Financing a new or used car can be a bit daunting. Fortunately, there are plenty of tools to help with the calculations involved in a loan. A car loan calculator can help you make the right decision for your situation and can help you save money in the long run. Here are three options, along with calculators, to help you estimate and save.
The promotional rate analysis
Some dealers and other institutions offer promotional rates on car loans. These promotional rates often have lower monthly payments and can save you a good amount of cash in the long run, but it’s still wise to compare them to other offers. Many companies offer tools to compare a few different financing options at once. To compare three offers, check out Bankrate.com’s car loan calculator section.
Monthly payment car loan calculator
It’s vital to know if you can afford your monthly car loan payments on a particular loan. The first step to determining what you can afford is to set a monthly budget. If you already have a general idea of what you can pay, start looking for loans. After receiving a few different offers, calculate your monthly payment with each loan, and shoot for the lowest you can find. To search for auto loans in your area, use an online auto loan finder.
Calculating the down payment
How much money should you put down when financing a vehicle? The more money you put down, the more you’ll save in the long run. However, putting down a large amount isn’t always feasible. It’s important to put down as much as you can while still keeping your finances stable. Bankrate.com offers a down payment analysis in the car loan calculator section.