Auto Loan Calculator
Car & Auto Loan Calculator
How to calculate your monthly auto loan payment:
By: Gerri Detweiler
Anyone who's shopping for a car and needs an auto loan knows that comparing auto loans can be tricky. There are so many variables when trying to evaluate which auto loan is the best deal for you. Auto loan calculators are designed to take the guess work out, and help you figure out the bottom lime: exactly how much is this car going to cost when it's all said and done?
Here's how it works: an auto loan calculator is basically a tool that is built around a mathematical formula. You provide some information, and the auto loan calculator does the math for you. There are a few different pieces of information that you'll need:
1. The Amount of the loan (that's the price of the vehicle, minus your down payment)
2. The interest rate or APR of the loan
3. The term of length of the loan
Once this information is inputted, the auto loan calculator will tell you how much your monthly payment will be.