| Every automobile purchase that is financed involves | | | | of $398. |
| several decisions regarding the loan amount, duration | | | | Today, a host of companies provide free auto loan |
| of the loan, and the size of the repayment installments. | | | | calculators on the web. Before choosing a loan or |
| Beyond the decisions of choosing the right brand, | | | | talking to a lender, it is always advisable to work out |
| model and color for one's own car, the number | | | | the math on these calculators. Web sites like and are |
| crunching that accompanies the choice of a loan is | | | | two of the reputed web sites that provide online |
| difficult for most people. Auto loan calculators make | | | | provide auto loan calculators. Within a matter of |
| this task simpler. | | | | minutes, you can calculate the monthly installment that |
| Auto loan calculators consider all the inputs that are | | | | is to be paid. However, it is important to do a bit of |
| required to calculate the equated monthly installments. | | | | homework. This includes finding out the price of the |
| These include the retail price of the car, the interest | | | | car, the prevalent sales tax and the interest rate. It is |
| rate being offered, the duration of the loan, the down | | | | also important to ensure that you enter the correct |
| payment, the sales tax, and the available rebates, | | | | figures in the loan calculator. |
| among others. Using online auto loan calculators, the | | | | Some auto loan calculators also calculate the |
| entire process becomes as simple as entering the | | | | maximum amount of loan amount that you are eligible |
| retail price of the vehicle, the prevalent interest rate | | | | for based on your present income. So the next time |
| and the duration of the loan to calculate the estimated | | | | you decide to purchase a vehicle, it might be a good |
| monthly payment. For example, a car worth $20,000 | | | | idea to use an auto loan calculator to find out the |
| at a sales tax and interest rate of 8% and a down | | | | maximum you can afford to spend before stepping |
| payment of $5,000 can be bought by paying 24 | | | | into a car dealers showroom and getting swept away |
| monthly installments of $887 or 60 monthly installments | | | | with pressured sales talk. |