Car Loan Calculator- Use It To Find Your Monthly Payments and Get a Car Loan Today!

When you use a car loan calculator formula you can get a general idea of what your monthly payment will be based on, namely your loan terms and the purchase price. Request your free no obligation to purchase auto finance loan quote and get the values you need to plug into your car loan calculator formula. Shopping for a new car doesn’t have to be hard, show up to a dealership prepared and drive away with a great deal today!

How to Calculate your Monthly Payments

1. Begin with the purchase price. Deduct the value of your trade-in (if applicable).
2. Calculate the state sales tax and add in this amount. Remember that some states won’t allow a sales tax deduction on your trade-in. You may have to pay sales tax on the total price of the car.
3. Add in the dealer fees, such as destination fees, delivery fees, or financing-related fees.
4. Subtract the down payment. The result is the amount financed.
5. Calculate the total interest by multiplying the amount financed by the interest rate percentage divided by 100 (i.e. 4.5% APR / 100 = .045). Multiply this number by the number of years on your loan term.
6. Add the total interest to the amount financed, then divide by the number of months on the loan term. This is your monthly payment.

Get a Great Deal on A New Car Today!

Pick the right time to shop. It’s often said that the best time to get a great deal on a new car is in early fall, right before the new models come out. Dealers often need to free up space for new inventory. While advances in inventory controls have helped dealers maintain lower overstock problems, buying at this time can still get you a good price. Some car dealers say that the best time to buy is actually mid-to-late December. This is because dealers tend to offer special promotions designed to increase their end-of-year sales and attract holiday shoppers.

Consider less popular models. The past few years have seen tough times for the auto industry, and the economy in general. There are a lot of good cars that just aren’t selling well, you might have an advantage in negotiations on these models. It’s important to do your research, including reading reviews and sales figures.

Take advantage of online resources. While you probably wouldn’t want to buy a car online the way you order a book or pair of shoes, you should check out car reviews to see how owners feel about the models you’re considering. Then you can request your free auto finance quotes and plug the numbers you receive into your car loan calculator formula and determine what you can afford.

Be Informed. Of course, all of the tips we discuss here involve researching cars you might want to buy, but the importance of knowledge can’t be overstated. You’ll be able to walk into the dealership with confidence if you know what you need and which models are able to deliver it. You will also want to know how much the car dealer actually paid the manufacturer for the car. That way, you’ll know if you’re paying too much. When a dealer knows that you’re an informed shopper, they’ll skip the usual song and dance and be more inclined to give you a better deal.

When you’re armed with the facts, you can get a great deal on the new car you want.