Using Car Loan Calculators

Car loan calculators can be found on many websites to help you discover your budget for a new or used car. To use a car loan calculator, you will need to know the following: your down payment, the cost of the car you are looking for, the length of the loan and your approximate interest rate. 

Estimate an Interest Rate

You may not know your approximate interest rate, so get a quote from an online lender. You do not have to enter any personal information for this step. Simply type in your estimated credit score and income. Do this on a few websites to get a general range for your loan quote. 

Budget a Car Loan with a Calculator

Your total debts should be less than half of your monthly income. If you have a mortgage, rent or student loans, make sure to count these as your total debts. The amount you have left over is your budget for a monthly car loan payment. Using the loan calculator, enter the down payment and interest rate as set numbers across all calculations. Then, you can adjust your total loan limits and length of the loan to determine the monthly payments you would owe. 

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