Unless you've been hiding under a rock, you know that gas prices are skyrocketing. But before you trade in that massive SUV for a trendy new hybrid, use this auto loan calculator to help estimate the potential financial damage to your wallet.
If you're still making monthly payments on your current vehicle, follow the instructions below to find out how much purchasing power you'll have in today's auto market.
1) Click on the 'Total purchase price' button on the right.
2) Complete the items on the left. Use your keyboard's tab button or your mouse to click into each of the following fields:
Your estimated purchase price will now appear on the right and at the top. If you don't want to assume a higher monthly payment than you currently have, choose a vehicle in this price range.
If you don't currently have a car payment, this area will help determine what your new monthly payment will be. Don't try to crunch the numbers in your head-use this calculator to determine the monthly payment amount for a variety of auto prices and loan terms.
1) Click on the "Monthly payment" button on the left.
2) Complete the following items in the right column. Use your keyboard's "tab" button or your mouse to click into each of the following fields:
Your new monthly payment will appear immediately on the left and at the top.
If you'd like to see a graph of your results, the graph calculator can plot it for you. Click on the "Schedule" button to see how much the loan principal will decrease over the life of the loan. Enter several different loan terms in the column on the upper left, and then click on the "Terms" button to learn the impact that a longer or shorter loan term could have on your monthly payment amount. Use the "Down payments" button to create a graph depicting the effect of different down payment amounts.
Before you head to the dealership and try to explain your needs to an eager salesperson, use this auto loan calculator to help you determine how much you really want to spend. By taking the time to review your options, you'll be better prepared to select the auto loan that's best for you.