Payment Calculator

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How to Use a Car Loan Calculator

A car loan calculator is a fun way to explore how far your automotive dollar can take you.

Basically, you enter a few variables to get answers. As you alter those variables, you get new answers. This allows you to compare how interest rates, down payments, vehicle cost, and loan length will affect your short-term and long-term budget goals.

You should not think of a car loan calculator as the final word on financial matters. That will require going through the loan process with the finance department at Earnhardt Ford. They can help you compare all of these variables in real time with an eye on finding you the best loan.

Instead, think of this car payment calculator as a compass. It is showing you a direction. This will help you narrow down your choices to the most affordable vehicles for your budget. However, it may open up new ideas of vehicles and trim levels you didn’t realize you could afford!

Competitive Car Loan Variables

There are five main variables: loan amount, interest rate, monthly payment, loan length, and down payment.

1. Car Loan Amount

This is actually what the car loan calculator is trying to help you decide. Still, you have to start with a figure that you imagine will be affordable on your budget. Remember that your car purchase will include the vehicle’s price, taxes, and certain fees. An Earnhardt Ford quick quote is a good way to narrow down the cost of buying a new Ford truck or SUV.

You should be prepared to enter different figures to see how other variables affect the monthly payments and long term costs. For instance, don’t just enter $40,000 and stop using the calculator. You should try a range of figures from $35,000 to $45,000.

Many people find a specific loan amount by using our pre approval form. This gives you an idea of how much you are eligible to borrow.

2. Interest Rates

Interest rates are not easy to calculate. They are not the same amount each month. As such, the calculator will help you realize how the rates affect everything from your monthly payments to your final costs.

Again, enter several different interest rates to learn how this variable will affect your bottom line.

If you are worried about bad credit, Earnhardt Ford offers No Bull Financing. It helps many people with poor or no credit find the loan they need to get back on the road.

3. Monthly Payment

Perhaps you already have a monthly payment amount in mind. That’s a good place to start. However, you really have to use the car loan calculator to determine how much a monthly payment is likely to be.

You may be offered a lower monthly payment, but often that increases the length of your car loan. That can be more costly overall.

4. Car Loan Term

The car loan term is the number of months from when you take out the loan to when you finish paying it off. This variable could be 4, 5, or 6 years.

The length of your car loan is important for several reasons. First, you want to pay off your car before it’s time to buy a new one. Second, you want to select a term that allows you to afford the monthly payments. Third, you want to select the car loan term that reduces the overall cost of car ownership.

5. Down Payment

Your ability to make a down payment will reduce how much you have to borrow. If you can determine how much you will be able to spare, you can reduce how much your loan will cost. This is a variable that you can also play with to see how it affects your overall loan.

When you discuss a car loan with an actual lender, you will discover that some aspects are more negotiable than others. For instance, you may have no control over the interest rate, but you can determine the length of your loan and the amount of monthly payments.

We recommend talking to our financing department to learn about competitive loans that are available to you right now. Schedule a test drive of your favorite new Ford or one of our excellent used car deals.