Car Payment Calculator

Welcome to our car payment calculator! This calculator will allow you to input the necessary information, from price to loan term, to understand the payments on your new car. You can use this feature on a new or used car, which will help when you are ready to buy.


* These calculations are for reference purposes only. All figures are estimates only and are not guaranteed as accurate. Always consult a professional financial advisor.



Frequently Asked Questions


What will my payments be on a car loan?

Each payment schedule is unique to each individual's credit history, trade in, and available pricing on the new or used car. Call today to speak with a finance expert!  

 

What would my monthly payments be on a car?

The monthly payments on your car will factor in your down payment amount, trade-in value, any specials or incentives, and whether the car is a new or used model.

 

How much will my car payment be with trade-in?

This will depend on if you still owe money on your current vehicle or if it is paid off. For example, trading in a 2018 Lexus RX 350 with a value of $45,000 but you owe $65,000 on it, means that you still owe $20,000 on that loan, plus the loan for the arguably better Toyota Rav4. If you are upside down on your loan, then your car payment could be higher. If you are able to trade your used car in and over the down payment of a new car, your payments could be less. You can check the value of your car with our Kelly Blue Book tool!

 

How much should I pay for a new car?

The amount of money that you want to pay for a new car is dependent entirely on your preferences and financial situation. The cost of a brand new Toyota 4Runner is going to be higher than the C-HR, but we know that if you are going to use the 4Runner for off-roading every weekend, then the price is worth it. 

Buying a car is exciting, whether it's your first, your second, or your tenth.  There are several options for how you are going to financially manage it.  There are three main options available for purchasing a car: financing, leasing, and paying in cash. Which one will be the best for you?

 

What is financing?

Financing a car is, without a doubt, the most realistic option for most people looking to buy a car. The majority of buyers must take out a loan from a bank or credit institution in order to purchase their car, and pay back the loan in monthly installments. For every loan, there will be interested accumulated, which will be tacked on to the final amount that you owe on the car.

If this is your first time financing a large purchase, there are a number of lenders and banks that we work with to help you finance your car loan. Not all financing options will work for everyone, since those with better credit may have access to better loan options and lower interest rates.

If you have financed a car or perhaps a mortgage before, then you are a financing expert! You can get started on purchasing your new car with our finance application.

 

What is leasing?

When asking "How much should I pay for a new car?" the answer might not be obvious. Perhaps financing a car is not the best option right now, since a new car payment can be expensive. Leasing might be the answer for you, since you can have a new car without the expensive payment.

Leasing similar to when you rent an apartment and is a more flexible option then financing, especially if you are not entirely sure if you love that model you chose. Leasing means that after the term is up, you can keep the car and finish the purchase, or you can simply trade it in for a newer option and start the lease over again. If you are someone who constantly wants to upgrade to the newest models then this is a great option. It also means that you are making regular monthly payments instead of a big lump sum, so it can help you keep your financial life in check.

That being said, like a rental, a lease is going to have restrictions especially on the mileage that you are able to put on it within a certain amount of time, and in maintenance and repairs. 

 

What if I want to pay in cash?

Financially if you are able to pay in cash, this is the best option because once you own it, it's yours entirely.  You'll be able to enjoy it however you want and do whatever you want to it, and it's yours at the end of the day.  The problem is that outright buying a car is not usually a realistic goal. Unless you have 100% of the money to buy the car, there are taxes and fees to consider. However, if you have 50% to 80% of the money, you might be able to finance the remainder of what you owe. This will help with the payments, especially if you are asking yourself "What would my monthly payments be on a car?"

 

Since there are at least three options for your new or used car, seriously consider all of them and see which one makes the most sense for your goals and finances. It might be a different one then you were expecting, but since you have the knowledge to make the best-informed decision, choosing what model you want will be the hardest decision!


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