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Car Payment Calculator So you have decided that its time to change your car for a newer model, but you are not sure if you can really afford to. A car payment calculator may be what you are looking for. These useful programs can be found free on many auto loan websites. They are simple to use, all that is required is to input the details including the amount you wish to finance, the repayment period and the rate of interest. The calculator will then compute your monthly payments. When you are comparing car loan offers for many lenders, then this tool can be very useful indeed. You can also play around with the values such as the interest rate to see what effect it will have on your monthly repayments. Because the auto manufacturers and the car dealers provide car finance, this type of finance is easier to qualify for than conventional loans. Even when you have bad credit you can qualify for these car loans. With this type of financial arrangement you do not always know the actual cost of the car as you are usually quoted a monthly payment. This is why you should spend some time doing research with a car payment calculator before you visit the dealer. However, notwithstanding the fact the car payment calculator is a useful device; it will only give you an approximate idea of what your repayments will be. The reason being is that you do not know what interest rate you will be charges on the loan as this depends largely on your credit score. However, it will give you a good idea of how much you can afford to spend on a car. When you know approximately how much you can afford to spend on a car, then you can get some loan quotations. You can then apply for your loan online without leaving your home. Online lenders have lower rates in many cases and by completing a simple form online you will get quotations from many lenders. Compare all quotations you receive and be sure to check the terms of the loan in addition to the interest rate. Look out for hidden costs and other charges that may be hidden in the small print. The benefits of using a car finance calculator are many and should not be overlooked. It can also provide a complete loan amortization schedule. There are also calculators which can produce detailed graphs that compare how different interest rates and the amount borrowed can impact the monthly payments. The overall affordability of the automobile needs to be taken into account in addition to the monthly loan payment. The running costs and maintenance of the vehicle will also need to be taken into account when buying a new car. Taxes are also not included when using a loan calculator. There are many advantages to using car payment calculator and getting loan approval online and the least of these are that you are free to shop for your next car wherever you want to.