A car finance calculator is a software application or online calculator that allows consumers to calculate the monthly payments and total cost of a loan for a new or used car. The calculator can also be used to compare the costs of different car loans.
The various features of an automobile finance calculator include the ability to input information about the vehicle, such as its make, model, year, and mileage; the interest rate (fixed or adjustable); and the term (monthly or annually). The calculator also calculates payments based on these parameters and provides an estimate of when the loan will be paid off.
Image Source Google
Several factors can affect a car's value, including the make, model, year, condition (new or used), accessories included, and miles driven. A car finance calculator can help consumers get an idea of their potential monthly payment and total cost before they buy a car.
Here are the six steps on how to use the car finance calculator:
1) Enter the value of the car you’d like to buy.
2) Enter the term of your loan (in years).
3) Enter the number of payments you want to make each month.
4) Click on “calculate” to get an estimate of your monthly payments, including interest and taxes.
5) If you want to adjust any variables (like interest rate or payment amount), just click on “modify” and enter your new values.
6) Click on “print” if you want to save your results for later use.