Before signing off on an auto loan, crunch the numbers to ensure you can afford your new set of wheels.
To find how much you'll spend on interest, use an auto loan calculator, work it out yourself or talk to a lender.
Factors including car specifics, the economy, your credit history and overall financial health determine your car loan interest rate.
To avoid paying too much in interest, shop around for the right loan and save up ahead of purchase.
With so many online auto calculators available, car buyers may not give that much thought to how to calculate interest on a car loan. You don't need to be a math whiz: You just multiply the loan balance by your interest rate and divide it by the number of months you have left on your loan term.
#numbers
To find how much you'll spend on interest, use an auto loan calculator, work it out yourself or talk to a lender.
Factors including car specifics, the economy, your credit history and overall financial health determine your car loan interest rate.
To avoid paying too much in interest, shop around for the right loan and save up ahead of purchase.
With so many online auto calculators available, car buyers may not give that much thought to how to calculate interest on a car loan. You don't need to be a math whiz: You just multiply the loan balance by your interest rate and divide it by the number of months you have left on your loan term.
#numbers
16 hours ago
