Budgeting by Using a Car Loan Calculator

Budgeting by Using a Car Loan Calculator

What is a Car Loan Calculator?

A car loan calculator (auto payment calculator) is a valuable tool used to evaluate monthly payments for an auto loan. If you input in your principal amount on a car loan, plus the interest rates and loan term, you will get an idea on how much you need to budget per month.

Budget First

A lot of millennial car buyers typically walk into the car dealership and feeling the pressure from a professional negotiator — an auto salesperson. What we want to avoid is allowing them to take advantage of us, resulting in us walking out with a vehicle that doesn’t fit our budget.

While they have do have the negotiating skills, you can counter that with your own secret weapon — online research. That’s right! Instead of bringing your mom and dad (or even uncle Charlie) along for the ride, you should research the price of the car you want, and calculating your monthly payments for a car loan that fits within your budget. This will help you gain a significant level of confidence prior to walking into a dealership.

Using Our Online Auto Payment Calculator

With our car loan calculator, you can simply and effortlessly analyze and calculate your monthly expenses. Here is how to use it:

  1. First, click on this link to use the auto payment calculator.
  2. Under “Loan Amount“, enter in the full price of the car you want (Principal and Interest).
  3. Select Your Payment Frequency, which is either Monthly, Fortnightly (every 2nd week), or Weekly.
  4. Enter in the Interest Rate and Loan Term. Keep in mind that the Total Interest Payable is higher the longer the term. If you are able to make payments in shorter loan term, then that will be recommended. However, if that doesn’t fit into your monthly budget, then go higher.
  5. To the right, you can see your Monthly (or Bi-weekly, or Weekly) Repayment Amount.
  6. Finally, if everything looks right, you can print out this data by clicking on the Print button at the top.

Get Pre-approved Online

What we also recommend before entering any dealership, and would also be a great negotiating advantage, is if you are already pre-approved for a car loan. We can help with that as well. Simply, click on this link and spend just 2 minutes to apply for a car loan online. A representative at Canada Auto will contact you withing 24 hours with your approval. or feel free to contact the auto financing experts at Canada Auto Experts at 1-855-550-5565 to speak to an agent who will understand your situation and recommend ways for you to get the best interest car loan.

Now you can strut your way into a car dealership with pride and confidence!