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Making the choice to purchase a car is a serious decision. Before you get behind the wheel of your next set of wheels, new or used, make sure that you’re informed of all the costs involved with purchasing a car.
Buying a car can be a convoluted process, and small fees and additions can add up. Use our free auto loan calculator to determine just how much your next car will actually cost you.
Take that total cost and figure in the price of repairs and insurance. Don’t be fooled by advertisements that paint owning a car as “very” affordable or convenient—there are always additional factors to consider when making any purchase of this size.
The following formula is overly complicated and time-consuming, so just use our free calculator and save yourself the headache!
If you’re interested in calculating this information yourself, here’s the basic amortization term (calculated equal monthly payment) formula:
- P is the principal amount borrowed
- A is the periodic amortization payment
- r is the periodic interest rate divided by 100 (nominal annual interest rate also divided by 12 in case of monthly installments), and
- n is the total number of payments (for a 5-year loan with monthly payments n = 5 × 12 = 60)
If that sounds like a mouthful, we’re with you—use our easy calculator!
If you have questions about your debt situation or are behind on your car payments, give one of our Certified Credit Counselors a call today!