Auto loan financing is easy but it is not without its risks. There are too many variables involved. Plus
it involves a big amount of money. What if your monthly income won’t be enough to cover the payments? What if your expenses suddenly go up and now you don’t have enough money to pay for your interest? What if…?
To counteract these risks
you need a tool to help you calculate beforehand the amount of money involved. Car loan payment estimators can estimate what your monthly payments would be
how much you have to make in order to pay for your auto loan
and how much you can afford to borrow.
There are many websites that offer car loan estimators as a free service. Below are some great places where you can get these car loan estimators and start solving your way to get financing for a vehicle.
AutoSite. com – Car Loan Estimator
AutoSite. com is an online auto financing agency that offers a free car loan estimator. Their car loan estimator has a dual function. It can calculate auto loans and leases and even compare the rates of both to see which one is better. To start using this car loan estimator available at http://AutoSite.com
simply fill in the necessary information in the required fields.
If you only want to calculate the loan payments
fill up the left side of the car loan estimator and then press the ‘Calculate Loan’ button. You can do the same thing for calculating the lease but instead of filling up the left side
enter your information into the fields to the right and click the ‘Calculate Lease’ button.
If you want to compare a car loan vs. a car lease using this car loan estimator
enter the following information: negotiated vehicle price
suggested vehicle MSRP
interest rate
loan term
lease term
money factor
and estimated residual value. After you’ve provided those pieces of data
click on the ‘Compare Loan vs. Lease’ button and view the results on the next page.
AutoWorld. com – Car Loan Estimator
Another great place to look for a car loan estimator is http://AutoWorld.com. This site features a car loan estimator that is simple and easy-to-use. The car loan estimator available at http://AutoWorld.com can help you determine what your monthly payments would be.
For example
you borrow $50
0
on a car at 2.7% APR for 24 months. By entering the data to the car loan estimator
the monthly payment field will automatically populate the figure
which is $2
142.43
The calculations shown do not include charges such as tax
title
license fees
et cetera.
AutoNetFinancial .com – Car Loan Estimator
AutoNetFinancial. com features two types of car loan estimators. The first car loan estimator is a quick loan qualifier. This car loan estimator will give you a general idea of the monthly loan payment you will qualify for to buy a car. To start the estimate
key in the following pieces of information: average gross monthly wage
other verifiable income
co-buyer’s average gross monthly wage (if applicable)
and other expenses
such as installment loans
rent
and any other fixed monthly payments. Click on the ‘Calculate’ button and this car loan estimator will give you the monthly payment figure that you can use as basis when you’re looking to buy a new car.