Auto Loan Calculator

Use this calculator to determine how much car you can afford. Please contact us with any questions.

Auto Loan Calculator

Purchasing your next vehicle can be an exciting adventure, but before you go ahead and sign any contracts, it’s essential to make sure that this new vehicle fits your budget!

When shopping for a new or pre-owned vehicle, it’s important to understand all of the factors that impact your monthly car loan payment and how they change your overall cost for the better or worse. By running the numbers through an auto loan calculator, you can gain peace of mind and additional long-term savings by making the best decision for you and your bottom line.

What is an Auto Loan Calculator?

An auto loan calculator is a platform that helps borrowers better plan their car, truck, or SUV purchase. The auto loan calculator allows you to input baseline figures such as total purchase price before taxes, the amount of your down payment, interest rate, number of monthly installments, fees, sales tax, and other important financial items. The best auto loan calculators also include refinements such as rebates, and trade allowances, among others.

After inputting all the data, car shoppers get a glimpse of their total car loan costs. The most common use revolves around establishing a manageable monthly payment. But an auto loan calculator can be used to learn a great deal more. By making subtle changes to non-fixed costs, the tool can provide additional detailed useful information.

How Can an Auto Loan Calculator Help You Understand More Than Just Your Monthly Payment?

With all of your fixed costs in place, auto loan calculator users can start the process of adjusting items such as the number of installments. Shorter repayment terms increase the monthly installment. If you click through to View Report, the auto loan calculator delivers an insightful breakdown. Items such as Total Payments and Total Interest Paid are among the long-term financial factors to consider.

Make a note of these tallies and click Hide Report. Try increasing or decreasing your down payment and check the report again. You’ll discover a difference in the amount you could pay over the life of the car loan. The same holds true when tweaking the interest rate or the number of installments.

A smartly designed auto loan calculator also allows users to determine how much car they can afford based on their allowable monthly car loan budget. After running the numbers and deciding on an affordable monthly car loan payment, click on Price. The menu changes and a Monthly Payment tab allows you to slide the metric to a figure you can afford. The total purchase price changes, essentially telling car loan applicants where their sweet spot is in terms of selecting a vehicle that suits their unique budget.

Car Loan Down Payment

Consumers are inundated with zero-down automobile promotions that seem like a good deal. The marketing resonates with people because the idea of purchasing a late model vehicle with no cash in hand seems too good to be true. That’s largely because it isn’t good for your finances.

A zero-down car purchase is not a discount because all the costs are subject to interest repayment over the life of the loan. When you include a reasonable down payment, that amount lowers the amount you are financing and saves you money. The auto loan calculator provides accurate information regarding down payments and how they impact your long-term expenses. Be sure to accurately input your down payment in the Rebates and Cash Down section to change your monthly installment, reducing your ongoing expenses. Down payments are a crucial way to lower the overall cost of car loans. It also helps people get approved for higher car loan amounts, competitive rates, and secure their preferred car, truck, or SUV.

Car Loan Term

It’s important to find a comfortable balance that weighs the total cost of a car loan with a manageable monthly installment. Families typically review their average monthly income to determine how to budget effectively and enjoy the best possible quality of life. After rent or a mortgage, car loans usually rank high on the expense list. That’s because a reliable vehicle is essential to commute to work, run errands, and pursue leisure activities.

An auto loan calculator can help you identify your comfort zone. Longer repayment terms result in lower monthly installments. That frees up money for discretionary spending and other items. Fewer installments raise the monthly installment bar, but this strategy reduces the total interest you’ll pay over the life of the loan.

Interested in Refinancing Your Car Loan?

If you have an existing car loan, you may be able to refinance, reduce your monthly payments and secure lower a interest rate. If you have an outstanding loan with another lender, run the numbers through this Car Refinance Calculator to see your potential savings.

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Car Loan Calculator

Use this calculator to help you determine your monthly car loan payment or your car 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.

Copyright © Peach State Federal Credit Union

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.