whichh site has the best, most accurate car loan calculator
Answer:a good website
A website I've recommended in the past would be...
http://www.safelinked.info/go.php?link=auto
Best of luck to you.
What Is The Formula For Calculating The Monthly Payment For An Auto Loan?
The bank is financing my wife for 9606.00 at an interest rate of 7.5%. The Term is for 5 yrs (60 months) What should the monthly payments be?
I used to be able to do this, but I think I'm missing something.
Here is how I did my math:
I took $9606.00 and multiplied it times 7.5% and came up with $720.45. Then I added that $720.45 to the $9606.00 and came up with a total of $10,326.45. I then divided the $10,326.45 by 60 (months) and came up with a total of $172.10. Meaning that $172.10 would be my monthly payment.
I went to bankrate.com and used their auto loan calculator and they came up with $192.48
The bank came up with $205.00 (I think they added credit, life, and disability)
So what the HECK am I missing......Please help!
Answer:$192.48 is the corretc payment.
Using the formula below --
P = principal = 9606.00
I = annual interest rate = 0.075
L = 5 years
Then:
J = monthly interest = 0.075/12 = 0.00625
N = number of months financed = 12 * 5 = 60
Plug all these values inot the formula below and you will get the monthly payment. Any insurance, etc. will be added to this amount.
FYI -- How you were figuring the amount is incorretc on a couple of points. First, you only calculated interest for 1 year ($720.45) For 5 years, interest would be more like $3600! However, you don't owe that much interest over the life of the loan, because you keep making payments. Each payment reduces the amount you owe, thus reducing the interest burden on the outstanding principal.
Although the payment amount doesn't change over the life of the loan, how it gets divided up does. Early on, most of your payment goes to interest, while toward the end of the 5 years, most of your payment applies toward principal.
good luck!
My Auto Loan Amount Is $17,629.23 And My Monthly Payment Is $304.59, They Only Took $66.19 Interest?
According to an auto loan amortization calculator I should have had $126.00 towards interest for the 1st payment. My interest rate is 8.59%. Why so low for the 1st payment? Are they using a different amortization schedule?
Answer:Depends when your first car payment is. If you first car payment is due within 18 days of signing your contract all you owe could be less.
Auto Loan Question On New Purchase?
i just got an auto loan for $8200 with 6.25% APR. sounds good right? well heres the problem. on the sales contract listing the financing details heres whats listed:
term is 60 months, 6.25% APR, $8200 financed. thats well and good.
but heres the swirly part. Finance charge is listed as $4280. this is supposed to be based off APR and amount financed and this value from what ive found is way to high.
this results in my payments being about 48 dollars higher,a nd as a result my total price paid at the end of the of the 5 years is $12480.
the auto loan calculators ive tried online show payments of $159
the contract shows $208 payments. the problem appears to be the finance charge as being calculated way to high. everything ive found
points to it being way to high.
this is supposed to be financed through a third party, a credit union. the dealer was supposed to set things up for me. seeing as the math is completely screwed, but im only getting $8200 financed at 6.25% apr through the credit union im curious as to how this is gonna work out. the dealers contract shows one things, but everything else shows anorthere.
i have a separate sale contract showing the final price of $8200 after tax title and my down payment. so what I owe and the interest rate can't be disputed. but the financing numbers on the othere contract are bogus.
of course this is the day after. go me I wait till now to research this crap. :(
Answer:This is because your payments are based on an APR of 16.25 and not 6.25. If it was meant to be 6.25 than you must dispute this immediately. However, if it is a high risk loan at 16.25 then you are fine.
How Do You Do A Quick Calculator Figure To Determine An Auto Loan Interest Rate?
Will be buying a car soon and I have two questions, 1) Can anyone tell me how to figure the interest rate I'll be paying on a calculator. I want to be able to determine at the dealer and I know they aren't always upfront with the interest rate whichh is why they try to get you to negotiate the monthly payment as opposed to the price of the car. 2) Most dealers say the internet price on a used car is the lowest available, is this true? Or is theree always room to negotiate? I pulled the value of that particular car on KB and the internet price is the same as "what you can expetc to pay to a private party". Still I want to offer a lower price, am I being reasonable?
Answer:For a good description of a simple interest loan as well as how each payment is broken down,
http://www.bankrate.com
How To Find an Auto Loan Calculator Price: $8.94 Author: Quick Easy Guides Manufacturer: Quick Easy Guides Other than the purchase of a home, the largest purchase most people make is the purchase of a new or used automobile. Since the cost of an automobile can be thousands of dollars,...
strodnews: Auto Loan Calculator :Know more before you take a loan. http://tinyurl.com/dmc9d7 (expand)
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How To Find an Auto Loan Calculator
