Pat Goss' Tips & Expert Advice

Estimate Your Payment

Using the auto loan payment calculator provided by CARCHEX.com will give you an accurate representation of what type of car payment to expect.

To use the calculator you only need to input the amount of money you are attempting to borrow and the interest rate of your loan. The calculator will quickly give you the estimated payments for the auto loan depending on the number of months you plan on amortizing the loan for. Why is it so important to find out these numbers before you even apply to finance a car? You don't want to be shocked by the amount of your proposed payment, and it is a great idea to know beforehand if a car loan payment will fit into your monthly budget. It is preferable to do a little research and compare the numbers before applying because this makes you more of an informed borrower. A lender might offer you a loan with a payment which initially seems attractive, but if you have already crunched the numbers and know that a certain amount simply won't fit into your monthly budget then you will make the wise decision and accept a smaller loan amount. Take advantage of the payment calculator and be an informed borrower.