Car Loan Calculator
Use our auto loan calculator to estimate car payments over the life of your loan. Enter your information to see how much your monthly payments could be. You can adjust length of loan, down payment and interest rate to see how those changes raise or lower your auto payments.
DISCLAIMER: Title and other fees and incentives are not included in this calculation, which is an estimate only. Monthly payment estimates are for informational purpose and do not represent a financing offer from Carfax246.com or any finance institution. Other taxes or fees may apply.
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Frequently Asked Questions
What do I need to qualify for a loan?
Lending institutions need to know that you will be able to afford the monthly payments for the duration of the loan period. Accordingly, they will require evidence of income (e.g. a job letter or bank statements), confirmation of your address (e.g. a utility bill in your name) and they will most likely ask about your monthly expenses.
For companies and self employed persons the process is more involved. Businesses are typically required to provide banking and accounting information going back several years in some instances, show projections and provide other information in order to satisfy lenders.
How does a balloon payment work?
A balloon payment is a lump sum paid at the end of a loan’s term that is significantly larger than all of the payments made before it. Balloon payments allow borrowers to reduce their fixed monthly payments or initial deposit in exchange for making a larger payment at the end of the loan’s term.
In order to take ownership of the vehicle you will be required to make the balloon payment. As this will be coming at a time when the vehicle is aging and may require additional maintenance due to wear and tear, you should consider this option carefully.
Loan or lease, which is better?
It depends on your situation. At the end of your car loan contract you are the owner of the vehicle and you may do with it as you see fit (e.g. keep it, sell it etc.). There are no penalties for high mileage or vehicle damage and you control the maintenance schedule. At the end of a lease contract the vehicle is returned to the lessor and you have to start paying for another vehicle all over again.
On the other hand, the lease option may make sense for businesses as it can be written off as an expense. Additionally, leasing allows you to change your vehicle more frequently and avoid the maintenance issues associated with older cars.