Loan Calculator: Calculate Your Monthly and Total Repayment

• Car Finance,
• Aug 30, 2019

 

Before you consider getting a car loan, you should always keep a few things in check and ensure that they are in proper order before you get a loan.

The list of the above-mentioned things is given below:

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•  1- Credit: Make sure you have enough money to pay the loan back and save some for emergencies. It is always a good practice to save some money aside for tough times before getting auto finance.

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•  2- Loan Type: You should know what kind of car loan you are going to get. There are several types of them which you can read about here, but the most popular two are secured and unsecured car loans. Secured car loans are easier to pay back but keep your car as security, but unsecured car loans grant you full ownership of your vehicle but are generally higher in interest rates.

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•  3- Terms of Loan: The terms on which you agree on a loan are very important. Keep the period, repayment recurrence, and additional fees in view. All of these factors contribute a lot to your car loan and may prove harmful or beneficial for you in the long run.

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• Interest and Comparison Rate: the Interest rate is what its name suggests it is, and the comparison rate is the sum of interest rate and all the potential charges or fees that might be accompanied by the loan. It never hurts (but pays actually) to look at these rates and find out which auto finance plan is the best for you and most of the time, it is the one with lower comparison rates.

 

Car Loan Repayment Calculator:

 

You might want to consider using the calculator given below to find out how much you are going to be paying at your recurrence time (monthly, quarterly, or annually). 

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How to use the car loan calculator:

It is quite simple. Just put the values at their respective fields and click the calculate button. The following fields will provide you with your total and recurring payments. For example, if you wanted to take a loan of $5000 on an annual interest rate of 8.4% with a term of 5 years, you would enter 5000 in Total Amount, 8.4 in Annual Interest Rate and 5 in Repayment Period in Years fields respectively, and then press the calculate button to get the results. It would present you with 102.34 as monthly repayments and 6140.51 as the total amount. 

 

Advantages of using a Car Loan Repayment Calculator:

There are several benefits you could harvest off of by using a loan calculator. These include, but are not limited to:

 

•  1- They help you figure out what the actual cost of your loan is going to be and how much you are going to pay back in each recurrence period.

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•  2- You can check different prices for different loan packages, i.e. for checking how much a loan will cost in different periods, in different amounts, or in different term periods.

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•  3- All this information can help you figure out how much loan you want and which are the suitable terms on the loan for you.

 

Once you have finished calculating your car loan repayments and the total payment with interest rate, you might want to perform some history, background, VIN and other kinds of checks on the vehicle of your choice and there is no better option than QuickREVs to handle that for you very easily!