Q
How do I calculate my car loan payment?
Use our auto loan calculator by entering the loan amount, interest rate, and loan term. The calculator will show your monthly payment, total interest, and total cost. You can also include taxes, fees, and down payment for a complete estimate.
Q
Should I lease or buy a car?
Use our lease vs buy calculator to compare total costs. Leasing typically has lower monthly payments but you don't own the car. Buying builds equity and is better for long-term ownership. Consider your driving habits, budget, and how long you plan to keep the vehicle.
Q
How much car can I afford?
Use our car affordability calculator to determine your budget. Generally, your total car expenses (payment, insurance, gas, maintenance) should not exceed 15-20% of your monthly income. Consider your down payment, credit score, and other financial obligations.
Q
What credit score do I need for a car loan?
Most lenders require a minimum credit score of 600-650 for auto loans. Scores above 700 typically qualify for the best rates. However, some lenders offer loans to borrowers with lower scores, though at higher interest rates. Use our calculator to see how different rates affect your payment.
Q
How much should I put down on a car?
A down payment of 20% is generally recommended to avoid negative equity and secure better loan terms. However, you can put down as little as 0-10% depending on your credit score and lender requirements. Use our calculator to see how different down payments affect your monthly payment and total cost.
Q
Is it better to finance through a dealer or bank?
It's best to shop around and compare offers from multiple sources. Check with your bank or credit union first, then compare dealer financing offers. Use our calculator to compare different rates and terms. Sometimes dealers can offer competitive rates, especially during promotional periods.
