What is car loan calculator? It is an Excel Template to help you calculate monthly installment of your car loan. It has entry fields where you can entry your financial data and car price before you can go to financial institution and ask for loan. This auto loan calculator will give you a rough figure. Financial institution will give the exact amount of installment and other additional costs.
For those who are going to buy a new or maybe a used car but don’t have enough cash money, you know that you can apply for a car loan. However, what about the monthly payment? How much money that you need to pay each month and for how long you need to make payment until you can repay back, complete with the interest?
Car Loan Calculator Template
You can use the car loan calculator template created in Microsoft Excel. It works very easy and simple so you don’t need to do the entire math. All you need to enter in the calculator is the car price, down payment that you must pay interest rate and repayment period (year period) and you are done with it.
In just a second you will see the result of the monthly payment that you must pay, total payment for the whole period, and the total interest payment. Then you can see if the payment suits you well enough and whether you can afford it. If you cannot afford it, then maybe you can make some adjustment such as apply for higher repayment period or rise up your down payment. This will make your monthly payment goes lower for your convenience so you can still buy the car and go on with your life.