Auto Loan Calculator
While we’re here to help you save with our hand-tested coupons, we know that sometimes you’re saving that money for things like a new car. We’ve created a number of savings calculators, but also thought you’d find it useful to have an auto loan calculator, as well.
About Car Loans
Purchasing a new or used car can be an overwhelming ordeal, one made a great deal more complex if you, like most other people, are financing this major purchase. Borrowers often unknowingly make costly auto loan mistakes. These four auto loan tips, however, will help save your resources instead.
1. Budget Comes First: If you walk into a dealership and ask to look at a car, one of the first questions you are going to be asked is “How much are you looking to spend?” If you do not have a ready answer to that question, you are not only going to appear rather foolish, but you are inevitably going to pay too much for what will likely be a lot of bells and whistles you do not ultimately care about.
2. Shop for The Loan First: Getting prequalified for a loan before stepping foot into a dealership has two primary benefits. First, it gives you an edge when negotiating at the dealership. Second, advanced research lets you find the best loan for you. However, its best to keep the search under 2 weeks. All the credit applications within a two-week period count as only one, a real benefit since every application slightly hurts your credit score.
3. Be Pragmatic: The goal of lenders and car salespeople is not to get you the best deal, it is to make money. When you shop for your loan, tell lenders you are shopping around and check auto loan interest rates on bankrate.com.