The monthly payment for an auto loan depends on several factors, including the price of the vehicle, down payment amount, term and interest rate. All of these factors are dependent on your score. The interest rate on used car loans is likely to be higher than that of new car loans. Calculate the cost of your new vehicle with pencil and paper. You can also use online calculators to quickly calculate values.
You can see how interest rates and terms affect the monthly payment by calculating your car’s monthly payment. By calculating your monthly car payment, you can increase your bargaining power with the dealers and choose a loan that fits your budget.
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