CARCHEX.com offers an auto loan payment calculator  that enables you to view an accurrate estimation of your monthly car payment. You will then be able to see if this amount will fit your budget.

To use this tool, enter the amount you want to finance, as well as the interest rate on the loan for which you are applying. The calculator will compute an estimated payment, depending on the amortization period you select. It is important that you determine this information beforehand, so you aren’t surprised when hear your monthly payment. You should also know what kind of car payment will fit within your monthly budget so you don’t get in over your head.

By doing your homework and researching this information, you will become an informed loan applicant. Sometimes lenders will offer you a loan that might seem reasonable at first, but you may not know if you haven’t already done the research. By knowing the amount that will fit within your monthly budget, you can make an informed decision and apply for a smaller amount, if needed. Using our loan calculator will help you to do this.

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Published in by CARCHEX on April 8, 2015