Jul 13 2017

Car Loan Comparison Calculator #bad #credit #car #loan

#loan comparison calculator

Car Loan Amount ($)

The car loan amount is the net amount financed after subtracting out trade in allowances and down payments. This value is used as the basis for all the monthly car loan payment calculations.

Annual Interest Rate (%)

This is the annual interest rate on the car loan. This is not the APR, which takes into account other costs associated with the loan. This model allows you to enter a unique annual interest rate for each loan term if you have that information.

Monthly Payment ($ / Month)

This is the monthly payment necessary to repay the car loan over its lifetime. This calculator provides the user with four monthly loan payments: one for each of the four possible loan lengths.

Total Payments ($)

The total amount paid to the bank or lending institution over the life of the car loan. Once again, four values are computed, one for each of the four possible loans.

Total Interest Paid ($)

The total amount of interest charges over the term of the loan. This is the cost of borrowing money from the lending institution. In general, you would want to take a look at the monthly loan payment, and compare this value with the total interest charges.

Car Loan Comparison Calculator – Copyright 2005 – 2015 (Last Reviewed on January 16, 2015)

Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.

Written by admin

Leave a Reply

Your email address will not be published. Required fields are marked *