Q:

How can you figure out a monthly car payment?

A:

Quick Answer

Individuals may manually calculate their monthly car payments or use online calculators to do the math. It is more convenient and easier to use online calculators for this task. After finding the correct estimates, individuals can then make informed decisions on what car to buy, notes U.S. News.

Continue Reading
How can you figure out a monthly car payment?
Credit: Echo Cultura Getty Images

Full Answer

There are various websites that provide free calculators for anyone wishing to do a rough estimate of monthly car payments. These calculators use information such as cost, interest rates and duration of payment to come up with monthly payments, according to the Calculator Site. Use the following steps to figure out monthly payments:

  1. Search for a reliable website
  2. Find a reliable website that offers users the opportunity to freely calculate monthly costs. A search engine is likely to reveal multiple options.

  3. Go to the website of choice
  4. Choose a website that seems most appropriate for the task at hand. The top ranked websites are likely to offer the best calculators for the task.

  5. Enter relevant information
  6. Once on the website, enter requested information such as estimated cost of purchase, monthly interest rates, duration of payment and sales taxes.

  7. Check and compare results
  8. Since the calculators allow for multiple calculations, enter information regarding different cars and compare the results to determine the most affordable vehicle to purchase.

Learn more about Credit & Lending

Related Questions

Explore