Auto Loan Calculator

Auto Loan Calculator. Having an automotive is very important and you can get it by applying loans if you do not wish to pay in cash or total. This Loan Calculator for Auto vehicles is the best and most used calculation tool all over the globe. You can change your loan amount and the down payment and this tool gives you precise details of your payments. This will give you a broader picture and will help you manage your payments.

Auto Loan Calculator
Auto Loan Calculator

Also Read: Conforming Loan limits.

Auto Loan Calculator

This auto loan calculator will help you perform the simple checks and will tell you how much instalments and extra interest you have to pay on your loan amount. The tool interface use the standard rates of interest. You can enter your custom rate as well. For a reference, a table of interest is given below.

[CP_CALCULATED_FIELDS id=”6″]

How to Use Auto Loan Calculator

  1. Enter the Loan Amount.
  2. As per your credit score, select your interest percentage.
  3. Choose the time duration of your loan.
  4. The tool will calculate the yearly payment with standard interest rates.
  5. That’s it.

Understanding the auto loan form fields

Loan Amount – Put the amount you are planning to get loan for your automobile.

Time Duration – Enter the duration of the auto loan period you are opting for. This field should be in months.

Interest – The interest will vary as per your credit score. Enter the per annum interest for your loan. The standard rates are given below for reference.

Results: No Need to hit calculate or enter. The results are updated automatically as soon as you change some value in your inputs to the tool.

Auto Loan Calculator interest rate – credit score mapping

S.No Credit Score New Loan interest % Old Loan interest %
Source: Daily News Analysis
1 Super Prime (781-850)  3.68%  4.34%
2 Prime (661-780) 4.56% 5.97%
3 Non Prime (601-660)  7.52%  10.34%
4 Sub Prime (501-600) 11.89% 16.14%
5 Deep Sub Prime (300-500) 14.41% 19.98%

Auto Loan Standard Rates based on Time duration

TERM NEW AUTO LOAN USED AUTO LOAN
Source: Daily News Analysis
60 months 5.15% 6.49%
48 months 5.10% 6.01%
36 months 5.08% 5.15%

Those with good credit score get the loan easily and with ease. But if you are having a bit low credit score, you might get extra checks while your loan is processed. High score individuals are always benefitted by less interest rate and quick service.

Suggested Read: The latest FHA 203K Loan requirements.

 

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