Auto Financing Calculator | Self Improvement Articles and Tips

An auto financing calculator can help you with the car buying decision. The tool not only provides estimates, but it also enables you to compare between various loan payment options. Depending on the borrowed amount and the term, you can learn the monthly rate and the corresponding interest. A good auto financing calculator further includes special fields for extra payments, regardless if these are monthly, yearly or a one-time extra payment.
The total loan amount is calculated taking into account the possible cash rebate, the trade in and the down payment you make. For the amortization schedule and the analysis of various loan types you have to use another calculator feature, changing the details in the required fields. The calculation of the amount you need to finance is based on the sales price of the car, the sales taxes, the destination charge, the down payment and the trade-in value of an older car.
Depending on the type of auto financing calculator you use, it is possible to create graphs to see the variations of the monthly payment and the total amount of interest depending on the down payment, the different interest rates and the number of payments. It is a good idea to use a complex tool that also includes instructions. Some tools are available in the form of spreadsheets with a software support. Yet, keep in mind that there are limitations too as there is no technical support for customized spreadsheets and special calculations.
In case you need to compare lease vs. buying, you have to turn to special auto financing calculator options such as those available on Cars.com or Microsoft.com. In case you receive a lower interest rate or a cash rebate from the manufacturer, you need to use an auto financing calculator that allows you to specify this. An advanced tool will enable comparisons between the loan conditions with and without rebate. This kind of information best suits the prospecting client who needs facts to make the decision for a purchase.
You can also find amortization formulas and all sorts of other advanced calculating tools online. They provide you with the right means to get estimates and understand the implications of car financing on the short and long term. You should not apply for a car loan before going through everything in detail; it takes indeed a bit of time and effort, but the outcome is worth striving for.
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Source: http://www.e-self-help.com/auto-financing-calculator/
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