An auto loan calculator tells you the amount of your monthly auto payment. Just by typing in a few numbers, the calculator can help you quickly compare different offers, and help you decide which loan is best for you.
Using an auto loan calculator is easy, once you have the numbers from your Swedish dealer. Here’s what you need to know:
- The total amount of the loan.
- The loan term in years or months.
- The interest rate (%) per year.
- The loan start date.
Once you have this information, just enter it into the calculator to find out the estimated amount of your monthly payment. Keep in mind that taxes and fees might affect your final total.
There a lot of online financial portals in Sweden, such as https://www.billan24.se/, for comparing different loan rates can also help you decide whether to put down a bigger down payment, or how whether to adjust the length of your loan.
Can an auto loan calculator help me after I buy?
Yes! Making extra payments on your auto loan helps pay it off faster. How much faster? An auto loan calculator can tell you.
Paying any extra money on your car loan helps reduce the principal (the original amount you owe, before interest is added). That helps pay it off ahead of schedule, because the amount is applied directly toward your principal.
How much of a difference does it make? That depends on your interest rate, the amount of your payment, and other factors. An auto loan calculator can help you figure out the financial impact of your extra payments, so you know whether that extra payment makes sense. It can even figure out your new “paid off” date.
How do I make extra payments on my car loan?
There are basically three ways:
1. Add an extra amount to your monthly loan payment.
This option is helpful if your income varies from month to month. You can pay extra on those months when you can afford it, or just pay the regular amount on months where your income is less.
2. Make a yearly payment, in addition to your regular monthly payment.
This is a great way to use your tax refund or a yearly bonus to help pay down your debt and get your car or truck paid off faster. That will save you more money in the long run.
3. Make a one-time extra payment.
Thinking about paying an extra lump sum toward your auto loan? An auto loan calculator can help you figure out much impact that payment will have on your final paid-off date.