Anyone can provide you with an approximate payment on a car or truck loan. But in seeking larger amounts - like a home mortgage - for a longer period of time, many of those loan providers want a lot of personal information, as if you're already in the loan application process, when all you wanted was a payment amount.
Autoblog shares your frustration. So we've configured our loan calculator to supply the necessary info without having you give a personal deposition. And it's as easy as 1–2–3.
Step 1: Enter your loan amount. This is the blank space described as purchase price, but you're simply wanting to know what your loan will cost. If buying a $300K condo with 20 percent down, plug in $240K.
Step 2: Enter an interest rate. Obviously, a half-point here or three-quarters of a percentage point there makes a difference, but just try to get close (the current rate is easily found online or in your newspaper's business section).
Step 3: Enter the loan term in months. For example, a 15-year commitment is 180 payments. Your iPhone has a calculator.
That's it. And keep in mind that there's more to buying a new or used vehicle than just the loan; there's also registration and license fees. And if financed, the bank, credit union or savings and loan will insist on full insurance coverage, including collision.
Autoblog shares your frustration. So we've configured our loan calculator to supply the necessary info without having you give a personal deposition. And it's as easy as 1–2–3.
Step 1: Enter your loan amount. This is the blank space described as purchase price, but you're simply wanting to know what your loan will cost. If buying a $300K condo with 20 percent down, plug in $240K.
Step 2: Enter an interest rate. Obviously, a half-point here or three-quarters of a percentage point there makes a difference, but just try to get close (the current rate is easily found online or in your newspaper's business section).
Step 3: Enter the loan term in months. For example, a 15-year commitment is 180 payments. Your iPhone has a calculator.
That's it. And keep in mind that there's more to buying a new or used vehicle than just the loan; there's also registration and license fees. And if financed, the bank, credit union or savings and loan will insist on full insurance coverage, including collision.
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