Loan calculators are an important financial tool for people looking to refinance their loans or take out a new loan. Although there are many different types of loan calculators, most of them either help you: determine your payment amount given a specific amount that you need to borrow, or they help you determine how much you can borrow given a target monthly payment that you can afford.
Are auto loan calculators accurate?
Auto loan calculators are a great way to get an estimate of what your monthly auto installment payment will be or how much you can borrow given your credit health. If you enter valid information, they are generally accurate. The most common type of car loan calculator is a payment amount calculator. The second most common is a loan amount calculator. You can find both types of calculators on this page.
How does a payment calculator work?
Payment calculators work by taking the auto loan amount, term in years and interest rate into account to calculate your monthly auto payment. Some auto calculators will also show you what type of car payments are possible for different car models. Payment calculators provide a general estimate of the cash needed each month. Your actual payments may vary.
How do I figure in a trade-in amount for my car?
A trade-in allowance is the value of your car that's calculated based on the condition and features of your vehicle. It can be used to lower the cost of buying a new or different vehicle. An excellent way of figuring in trade-in is by using the tools available at Edmunds.com and CarsDirect.com, which allow you to calculate your car's trade-in value online instantly!