Calculate monthly payments for auto loans by choosing credit scores and loan terms. See how these affect your payments.
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The iLending refinance car calculator can help you determine how much your monthly car loan payment is or what you can afford.
The auto loan payment calculator calculates your monthly payment based upon the price, trade-in, and down payment information that you provide. You can also change the term or interest rate to see how it affects your total interest and payment.
If you are unsure how much you can afford, you can use the auto loan payment calculator.
How to use an auto loan payment calculator
Below is a list of the information that you will need for the auto loan payment calculator.
Car Price: Enter the amount you expect to pay for your car in this box. You can use the sticker price of the vehicle (also known as the MSRP) to estimate the new car’s prices. Add any rebates or dealer discounts. Add the cost of options to the new car’s “destination fee”.
It can be a little more difficult to estimate the price of used cars. Although you can begin with the asking price of the seller, it is possible to negotiate a lower price. You can use online pricing guides to get an idea of the fair price or search local classified ads for similar cars.
The interest rate you have several options to determine the rate of interest. You can choose your credit score from the dropdown to view average car loans. You can also search online lenders to find rates. Simply enter the rate that you are offered if you have been prequalified or approved for a loan.
Trade-in and down payment: Input the amount of cash that you are putting towards the new vehicle or the trade-in price of your current vehicle. Online sites can be used to help you with pricing and appraisals. You should verify the trade-in value, not the retail price (the price the dealer will sell the car) when using a pricing guide.
An auto loan calculator that shows more than just payments
Be sure to look at the monthly car payments result and the total amount that you will spend on the car loan. A lower monthly payment is appealing if you are using the calculator to compare loans. However, it may also lead to higher interest rates and overall costs.
You should be aware that there could be additional costs to the “total cost” result of the auto loan repayment calculator. This is because it does not include state and local taxes, dealer documentation fees (which can vary greatly), and registration fees. These costs can be found online, or you can call the dealership to get estimates.
Before you apply to refinance your car, gather all of the documentation that the lender will require to review your application. You will be required to provide documentation of your income, proof of insurance, and information about your current loan.
An auto loan calculator does more than show you the monthly payment for your car loan. It can be used to compare loan terms and interest rates, and also to help you understand the different lenders. This information can be used to negotiate with dealers and lenders and ultimately help you choose the right auto loan for you.
