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Loan Calculator
| Enter your loan amount, your monthly interest rate, how often you will make payments (monthly or bi-weekly), and how long your loan will last in years. The Calculator will show you your approximate monthly payment and the total amount of interest you will pay over the course of your loan. Note: these figures are not exact due to rounding, but should give you a good idea of your payment and interest. |
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Loan Calculator Examples:
Auto Dealership 0% percent Financing vs. $2000 Cash Back Rebate! Which one would you take?
Loan term, 36 months, Car costs $20,000
| Interest Rates
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Car Dealer 0%
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Other Lender 5.9%
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| Cost of new car
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$20,000
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$20,000
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| Amount to finance
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$16,000
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$14,000
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| Monthly payment
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$444.44
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$425.52
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| Total financing cost
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$16,000.00
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$15,312.15
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| Financing Saved with Rebate
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$687.85
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Loan term, 48 months, Car costs $20,000
| Interest Rates
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Car Dealer 0.9%
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Other Lender 5.99%
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| Cost of new car
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$20,000
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$20,000
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| Amount to finance
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$16,000
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>$14,000
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| Monthly payment
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$339.49
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$328.92
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| Total financing cost
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$16,295.73
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$15,781.40
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| Financing Saved with Rebate
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$514.33
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Loan term, 60 months, Car costs $20,000
| Interest Rates
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Car Dealer 2.90%
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Other Lender 5.40%
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| Cost of new car
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$20,000
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$20,000
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| Amount to finance
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$20,000
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$18,000
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| Monthly payment
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$358.49
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$341.45
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| Total financing cost
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$21,509
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$20,487
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| Financing Saved with Rebate
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$1,022.00
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| These are three different examples only, and may not even be the interest rate you finally end up with for your new auto loan, but the point is, to let you see that no matter what the figures are, other financing beats the auto dealership in each example. Remember, if you are giving up the rebate, the price of the vehicle will be more to finance. If you don't take the $2000 dollar rebate, you just paid $2000 dollars interest up front before you walk out of the car lot.
Interest Rate and $2000 dollar rebate used as an example.
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