A car loan calculator is a great tool for those seeking a glimpse of what their car payments might look like.
A common calculator does the exact same job but you need to know how formulas work, and that is why a car loan calculator can be handy.
Here is what a typical car loan repayment formula would look like:
A 3 year (36 month) loan of $15,000 at 7{e0136a1999ee59462921932bb992ffa8986ff9c8531ebf95f2ef9ae3496a42fd} interest would look like this:
15000 ( 0.07/ 12 )
------------------------------
-36
(1 - ( 1 + 0.07 / 12 ) )
The payment for this car will be $463.16 per month.
Kinda scary, but if you're a math whiz... not so bad :-)
The truth is, that even with a car loan calculator, there are so many different variables involved in purchasing a car these days that it is impossible to predict what your payment would look like from a simple formula or even the most sophisticated car payment calculator. A bank or lending institution looks at your past credit history, your credit score, and a host of other factors before they even draw up a car financing proposal for you. Now, if you have perfect credit… estimating what you payment for a certain priced vehicle is quite a bit easier, so go ahead and use one of the car loan calculators listed below to get an idea of what your payment might be.
If you credit is not perfect though, a car loan calculator can set you up for a shocking surprise when you sit down to work out the financing on the vehicle you have chosen to buy. Because of this it is always beneficial to work with a car loan specialist such as New Leaf Auto Finance. We provide specialty financing of all types to our car loan clients in Canada.
Similar to how a Mortgage Broker works on behalf of their client, a New Leaf Auto Finance representative works For You to secure the best possible rate and loan terms for the vehicle of your choice. Once we assess your personal financial situation we negotiate with all possible lending institutions until we come up with the best car loan financing package available.
There are no fees for using our service, as we are paid by the financial institution so it is in our best interest to always work to get our clients the best possible deal. Contact New Leaf Auto Finance to get a Free Assessment of your current credit situation before you begin your car shopping journey.
Here are some links to Car Loan Calculators from some of the larger Canadian Lending Institutions:
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