Calculating auto loan
Are you having bad credit? Are you looking for an auto? Are you in a dilemma to get the auto loan approved as per your bad credit? Then end all your worries with bad credit auto loan. Both home owners and tenants can avail bad credit auto loan by providing the auto purchased as collateral.
Bad credit auto loan is a financial tool that enables an individual to purchase a new or used auto, even with bad credit attached to his credit history. Bad credit can be attached in case you miss any payment to your loan term in the past.
Bad credit auto loan comes with a higher interest rate which is due to your bad credit. But when you search in detail of the lenders you get the loan at a better deal. But its better to look for auto that are approximately two to three years old because they hold a better position to hold their values and provide a preferable trade rate.
Selecting a bad credit auto loan has become easier on part of the borrower with the internet surfing. This opens up different lenders confronting with their quotes, repayable term, interest rate etc. Any one whom you consider the best among all can be opted as your lender. Do keep in mind that the interest rate is higher in bad credit auto loan so go for a viable lender considering all pros and cons of the loan.
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@ingridsolvang: What is the formula for calculating the monthly payment for an Auto Loan?
Jun 09, 2007 by Crazy Q | Posted in Mathematics
The bank is financing my wife for 9606.00 at an interest rate of 7.5%. The Term is for 5 yrs (60 months) What should the monthly payments be? I used to be able to do this, but I think I'm missing something. Here is how I did my math: I took $9606.00 and multiplied it times 7.5% and came up with $720.45. Then I added that $720.45 to the $9606.00 and came up with a total of $10,326.45. I then divided the $10,326.45 by 60 …
The way you calculated the interest, you only accounted for 1 year of interest (9606 x .075). But after one year you would still owe some of the borrowed money, so the bank will want 7.5% interest on the amount still owed in year 2 (plus the interest on the amounts still owed in years 3, 4, and 5). The formula is very difficult to write on this website so I'll break it into two parts. Let i = the interest rate per …
Mar 07, 2010 by Honest Q 4 Honest A | Posted in Personal Finance
Loan amount = 9473.07 Interest = 7.34 Loan is for 48 months. How do I calculate the total cost, principle + interest? OMG you are awesome... I spent all day trying to get my figures to match the bank. Finally!!! Thanks, very much.
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - http://www.online-auto-loan.org/
May 30, 2007 by Ducky_077 | Posted in Personal Finance
My interest rate is 2.9% and every month, the amount that goes towards interest fluctuates (up and down) by as much as 10 dollars even though I pay the same amount each month. Is the interest calculated monthly (.029/12) * Amount Remaining or is it calculated factoring days in the month and when I paid?
The way it is calculated depends on how the loan contract was written. If the interest is fluctuating that much they are probably taking into account the date you actually paid. You would need to read the fine print in the loan contract to confirm this.