How to Use Our Auto Loan Calculator

February 5th, 2022 by

 

auto loan calculator

Interested in purchasing a new vehicle at Woodhouse Ford South? Not sure what you can afford? Our auto loan calculator is a useful online tool that can help you determine your monthly auto payment.

Start by Searching our Vehicles

An important first step in using our auto loan calculator is establishing your total investment. Start by searching our vehicles online to determine the total cost of the car you’re considering.

Check the details of the listing to see if any rewards or incentives can be applied toward your MSRP.

Estimate Your Interest Rate

After filling in your vehicle price, next you’ll need to submit your interest rate. The calculator already has an average rate included. However, you can choose a custom rate.

Keep in mind, your interest rate is largely determined by your credit score. Therefore, if you have a poor credit score, your rate may be higher.

Add Your Term

Your term is the predetermined length of your loan. They are typically measured in months. Terms can range from 12 to 84 months.

A longer term will lower your monthly payment while a shorter term usually means you’ll end up paying less interest over the life of your loan.

Determine What You’ll Pay Upfront

Finally, you’ll want to add in your down payment, which is any money you want to pay upfront. This can also come in terms of your trade-in.

You can get an estimate of your trade-in value online from a site such as Kelley Blue Book. You just need to submit info about your vehicle, your license plate number, or your VIN number.

Still have questions? Reach out to our Ford dealership in Plattsmouth, NE, we’re happy to help!

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