Bankrate's auto loan calculator makes sifting through loan offers and securing the best auto loan deal easy. We help you compare interest rates, loan terms, and monthly payments across multiple lenders to ensure you get the best possible deal.
Whether you're purchasing a new or used car, refinancing an existing auto loan, or looking for a lease, our car loan calculator offers the flexibility needed to find the right option.
Explore our comprehensive guide below to learn how to use Bankrate's auto loan calculator. We'll walk you through the calculator's features, show you how to input your information, and explain how to interpret the results.
Bankrate Auto Loan Calculator
Calculate payments, interest, and cost.
- Compare multiple lenders.
- Accurate and up-to-date rates.
- Easy to use and understand.
- For new and used cars.
- Refinancing and leasing options.
- Get personalized results.
- Make informed decisions.
- Save time and money.
Bankrate's auto loan calculator is the ultimate tool for finding the best auto loan deal.
Compare multiple lenders.
Bankrate's auto loan calculator allows you to compare interest rates, loan terms, and monthly payments across multiple lenders side-by-side.
This is important because even a small difference in interest rate can save you a significant amount of money over the life of your loan. For example, if you borrow $20,000 at 4% interest for 60 months, you'll pay $3,420 in interest. But if you can get a loan at 3% interest, you'll only pay $2,760 in interest - a savings of $660.
Bankrate's auto loan calculator makes it easy to compare rates from multiple lenders so you can find the best deal. Simply enter your loan amount, loan term, and credit score, and we'll show you a list of lenders with their current rates and terms.
You can also use Bankrate's auto loan calculator to compare different loan terms. For example, if you're not sure whether you want a 36-month loan or a 60-month loan, you can use the calculator to see how much your monthly payments would be for each option.
Comparing multiple lenders is the best way to ensure you're getting the best possible deal on your auto loan. Bankrate's auto loan calculator makes it easy to do just that.
Accurate and up-to-date rates.
Bankrate's auto loan calculator is powered by the latest interest rate data from our network of lenders. This ensures that you're getting the most accurate and up-to-date rates available.
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Real-time rate updates:
Our rates are updated in real-time, so you can be confident that you're seeing the most current rates available.
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Nationwide coverage:
We have partnered with lenders across the country, so you can find the best rates regardless of where you live.
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Multiple loan types:
Our calculator supports a variety of loan types, including new car loans, used car loans, refinancing loans, and lease buyouts.
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Personalized results:
Our calculator takes into account your credit score and other factors to provide you with personalized results.
With Bankrate's auto loan calculator, you can be confident that you're getting the most accurate and up-to-date rates available.
Easy to use and understand.
Bankrate's auto loan calculator is designed to be easy to use and understand, even for those who aren't familiar with auto loans.
Here's a step-by-step guide on how to use the calculator:
- Select the type of loan you want: Choose from new car loan, used car loan, refinancing loan, or lease buyout.
- Enter the loan amount: This is the amount of money you need to borrow.
- Enter the loan term: This is the length of time you have to repay the loan.
- Enter your credit score: This will help us provide you with personalized results.
- Click "Calculate": The calculator will display your estimated monthly payments, total interest paid, and total cost of the loan.
You can also use the calculator to compare different loan offers. Simply enter the terms of each loan offer and the calculator will show you which one is the best deal.
Bankrate's auto loan calculator is a valuable tool that can help you save time and money on your next auto loan.
Even if you're not sure what kind of auto loan you want or what terms you qualify for, Bankrate's auto loan calculator can help. Simply enter some basic information and the calculator will provide you with a range of options to choose from.
For new and used cars.
Bankrate's auto loan calculator can be used to calculate payments for both new and used cars.
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New car loans:
If you're buying a new car, you'll typically have a wider range of loan options to choose from. You may also be eligible for lower interest rates.
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Used car loans:
Used car loans typically have higher interest rates than new car loans. However, you can often find a good deal on a used car, especially if you're willing to buy an older model or a car with higher mileage.
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Refinancing loans:
If you have an existing auto loan, you may be able to refinance it to get a lower interest rate. This can save you money on your monthly payments.
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Lease buyouts:
If you're leasing a car and want to buy it at the end of the lease, you'll need to get a loan to do so. Bankrate's auto loan calculator can help you determine how much you'll need to borrow and what your monthly payments will be.
No matter what type of auto loan you're looking for, Bankrate's auto loan calculator can help you find the best deal.
Refinancing and leasing options.
Bankrate's auto loan calculator can also be used to calculate payments for refinancing and leasing options.
Refinancing:
- If you have an existing auto loan, you may be able to refinance it to get a lower interest rate. This can save you money on your monthly payments.
- To refinance your auto loan, you'll need to apply for a new loan with a different lender. The new lender will pay off your existing loan and issue you a new loan with a lower interest rate.
- Bankrate's auto loan calculator can help you determine how much you can save by refinancing your auto loan.
Leasing:
- Leasing a car is a good option if you don't want to commit to buying a car or if you want to drive a new car every few years.
- When you lease a car, you're essentially renting it from the dealership for a set period of time. At the end of the lease, you have the option to return the car to the dealership, buy the car, or extend the lease.
- Bankrate's auto loan calculator can help you determine how much your monthly lease payments will be.
Whether you're looking to refinance your auto loan or lease a car, Bankrate's auto loan calculator can help you find the best deal.
Get personalized results.
Bankrate's auto loan calculator takes into account your personal information to provide you with personalized results. This includes your:
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Credit score:
Your credit score is a major factor in determining the interest rate you'll qualify for on an auto loan. The higher your credit score, the lower your interest rate will be.
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Income:
Your income is used to determine how much you can afford to borrow.
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Debt-to-income ratio:
Your debt-to-income ratio is the amount of debt you have compared to your income. A high debt-to-income ratio can make it difficult to qualify for an auto loan.
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Loan amount:
The amount of money you need to borrow will affect your monthly payments.
Bankrate's auto loan calculator uses all of this information to provide you with personalized results that are tailored to your specific situation.
Make informed decisions.
Bankrate's auto loan calculator can help you make informed decisions about your auto loan. By providing you with personalized results, the calculator can help you:
- Compare different loan offers: The calculator allows you to compare interest rates, loan terms, and monthly payments from multiple lenders side-by-side. This can help you find the best deal on your auto loan.
- Determine how much you can afford to borrow: The calculator takes into account your income, debt-to-income ratio, and other factors to help you determine how much you can afford to borrow.
- Plan for your monthly payments: The calculator shows you how much your monthly payments will be for different loan amounts, interest rates, and loan terms. This can help you budget for your auto loan payments.
- Make informed decisions about refinancing or leasing: The calculator can also be used to compare the costs of refinancing your existing auto loan or leasing a car. This can help you make the best decision for your financial situation.
By using Bankrate's auto loan calculator, you can make informed decisions about your auto loan and save money.
Save time and money.
Bankrate's auto loan calculator can help you save time and money in a number of ways:
- Compare multiple lenders quickly and easily: Instead of spending hours calling different lenders and getting quotes, you can use Bankrate's auto loan calculator to compare multiple lenders side-by-side in just a few minutes.
- Find the best deal on your auto loan: Bankrate's calculator shows you the best interest rates and loan terms available from our network of lenders. This can save you hundreds or even thousands of dollars over the life of your loan.
- Make informed decisions about refinancing or leasing: Bankrate's calculator can help you compare the costs of refinancing your existing auto loan or leasing a car. This can help you make the best decision for your financial situation.
- Get pre-approved for an auto loan: Some lenders allow you to get pre-approved for an auto loan online. This can save you time and hassle when you're at the dealership.
By using Bankrate's auto loan calculator, you can save time and money on your next auto loan.
FAQ
Here are some frequently asked questions about Bankrate's auto loan calculator:
Question 1: What information do I need to use the calculator?
Answer: You will need the following information to use the calculator: - Vehicle price - Down payment amount - Trade-in value (if applicable) - Loan term (in months) - Credit score
Question 2: Can I compare multiple lenders with the calculator?
Answer: Yes, you can compare multiple lenders side-by-side to find the best deal on your auto loan.
Question 3: How accurate are the results from the calculator?
Answer: The results from the calculator are accurate based on the information you provide. It is important to provide accurate information to get the most accurate results.
Question 4: Can I use the calculator to refinance my existing auto loan?
Answer: Yes, you can use the calculator to compare refinancing options and find the best deal on a new auto loan.
Question 5: Can I use the calculator to lease a car?
Answer: Yes, you can use the calculator to compare lease deals and find the best deal on a new car lease.
Question 6: Is the calculator free to use?
Answer: Yes, Bankrate's auto loan calculator is free to use.
Question 7: How often are the rates on the calculator updated?
Answer: The rates on the calculator are updated daily to ensure you have access to the most up-to-date information.
Question 8: Can I save my results?
Answer: Yes, you can save your results by creating a Bankrate account.
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If you have any other questions about Bankrate's auto loan calculator, please visit our website or contact our customer support team.
Now that you know all about Bankrate's auto loan calculator, you can start using it to find the best deal on your next auto loan.
Tips
Here are a few tips for using Bankrate's auto loan calculator to get the best results:
Tip 1: Be accurate with your information.
The accuracy of your results depends on the accuracy of the information you provide. Make sure to enter your information carefully and double-check it before submitting it.
Tip 2: Compare multiple lenders.
Don't just accept the first loan offer you see. Use the calculator to compare multiple lenders side-by-side to find the best deal on your auto loan.
Tip 3: Consider your credit score.
Your credit score is a major factor in determining the interest rate you'll qualify for. If you have a good credit score, you'll get a lower interest rate. If you have a poor credit score, you may need to work on improving it before you apply for an auto loan.
Tip 4: Shop around for the best deal.
Don't be afraid to shop around for the best deal on your auto loan. There are many lenders out there, so you're sure to find one that offers a loan that meets your needs and budget.
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By following these tips, you can use Bankrate's auto loan calculator to find the best deal on your next auto loan.
Now that you know how to use Bankrate's auto loan calculator and you have some tips for getting the best results, you're ready to start shopping for your next auto loan.
Conclusion
Bankrate's auto loan calculator is a powerful tool that can help you find the best deal on your next auto loan. It's easy to use, accurate, and provides personalized results.
By following the tips in this article, you can get the most out of Bankrate's auto loan calculator and find the best loan for your needs and budget.
Closing Message
Whether you're buying a new or used car, refinancing your existing auto loan, or leasing a car, Bankrate's auto loan calculator can help you make informed decisions and save money.