Other car calculators
start with a car price and tell you what kind of monthly payment you could expect. This calculator starts with the payment that fits best into your budget and shows you how much you should spend on a car. Adjust the down payment, interest rate, term and more to see how it changes your total loan amount.
Desired monthly payment: This number depends on what’s comfortable for your budget, but if you’re not sure what to enter, the average new car payment is $562 ($394 for used vehicles). Leasing is an alternative to taking out an auto loan and typically comes with lower monthly payments. It is possible to lease a used vehicle.
Down payment: Even a small down payment can reduce your borrowing costs. If you have a trade-in, any positive equity would be added to your down payment. If you owe money on your trade-in, that amount would be subtracted from your down payment.
Trade-in value: This is the value of your old vehicle which you are selling to the dealer when you buy your new car. You can find this number using free car valuation tools such as Kelley Blue Book (KBB), Edmunds or the National Automobile Dealers Association (NADA). Figures may vary, so keep in mind this is an estimation. Your dealership will make the final offer, but don’t take less than what your car is worth. You could also sell the vehicle yourself.
Amount owed on trade: If you don’t own your trade-in car — in other words, you haven’t paid it off and still owe money on it — this is your payoff amount. Call your lender to find out what this is. If you owe more than what the car is worth, that amount can be added to your new loan.
Credit score: Your credit score is a three-digit number that shows your financial health. The higher it is, the better. Here a few other things to keep in mind:
- If you have never taken out a loan before, you may not have a credit score.
- If you have often missed payments or paid late on bills or loans, you may have a low credit score.
- If you have paid significant loans and bills on time, you may have a higher credit score.
To check your score, go here.
Interest rate: This is what you pay to the lender for loaning you the money, expressed as a percentage of your loan. It does not include fees charged for the loan. The amortization table shows how your costs break down over each month and year of the loan.
Loan term: This is how long the loan will last from the time you sign for your car until your final payment.
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