Purchasing a car may be a hard task using a straight cash method, car loans are therefore the best option. Before visiting that car lot, you must find the right car loan matching your budget and capabilities. Our car loan calculator will help you estimate the monthly payments and lowest rates available by taking into consideration the price of the vehicle, loan term, interest rate, and repayment start date. The tool will give you a better understanding of how much you can afford to pay for that car and that the payments align well with your monthly budget. By using our tool, you will be able to make an informed decision to take the car loan and how best to pay. It is advisable to pay more monthly installments to reduce loan payment time and overall loan amount. Our tool, however, does not take consideration of other costs like taxation, fees, and registration costs which may be attached to the vehicle purchase, unless intentionally added to the overall price of the vehicle. Therefore note that you will pay more, about 10% of our estimated monthly payments. You should be on the lookout in case of ill-intentioned dealers who attach mysterious charges to the price of the car to gain higher commission.
This auto loan calculator should only be used to estimate your repayments since it doesn't include taxes or insurance.