Calculating vehicle loan information is important when shopping for a car. The interest rate will be given to you by an auto dealership or bank and there is not much you can do to change it---but there are other factors you can influence, such as the length of the loan and the total loan amount. Calculating vehicle loan information used to challenging for the layman. Today, it is now possible to calculate your loan and alter the variables until the numbers work for you by using an auto loan calculator.
Instructions
1 Find an online auto loan calculator. Some examples can be found in the "Resources" section of this article.
2 Input the auto loan amount, the term (length) and the interest rate.
3 Change the variables until you are satisfied that they will work for your financial situation. The loan calculator will output your monthly payments.
Increasing the term of the loan will lower your monthly payments, but you'll be paying more in interest towards the loan and the car's total cost will increase.
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