Car Finance Calculator
Car finance calculator provided online help you to work out total cost incurred for buying a car. Calculate out the monthly, weekly or fortnightly repayments on the finance loan.
By using the calculator provided by various lender online, you will able to structure your car finance calculation based on a specified interest rate, loan term (length) in months or years, amount borrowed (financed) and residual value (balloon value). From the information by loan calculator, you should be able to gauge whether you think it is worthwhile going ahead with the car loan or not.
Talk about balloon payment, it is a large lump-sum amount using to pay off the balance of the loan, it's made at the end of the long term loan. It's commonly use to reducing the monthly repayment figure. Some of the lenders willing to reduce some interest or offer a discount sum to borrower when they commit to pay a balloon payment.
Other things to be consider when selecting car loan
1) Car insurance, coverage for death, disability or jobless
2) Car maintenance costs
3) Fuel, road tax and charges
4) Car warranty, in term of engine condition and body of car.
Similar like housing loan, you will need to utilize at least 2 calculators to check out the accuracy of the results obtained. Get 2 calculators from different sources and check out the figure you keyed in before generate the result. Should you found any different of the results, liaise with the lender's representative. After all the estimation from lender shall take precedence.
For more useful advice and tips for car loan, please visit Car Loan Advice instead of Car Finance Calculator
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