car loan calculator

car loan calculator

Car Loan Calculator

This tool is for illustrative purposes and we have provided this solely as a convenience for you to estimate payments based on your assumptions for term, rate, and loan amount. Your actual payments may differ from the payments provided by this calculator as a result of using different loan amounts, car value, terms, and rates based on our pricing and underwriting policies and procedures. You will receive your actual rate once you have applied for a loan. We are not responsible for the accuracy, completeness, or usefulness of the information provided by this calculator, and we have no obligation to match your terms to the terms provided by this calculator. Wells Fargo auto loans are not available in Louisiana.
[imgrabber img=”car loan calculator 1″]

Car Loan Calculator

This tool is for illustrative purposes and we have provided this solely as a convenience for you to estimate payments based on your assumptions for term, rate, and loan amount. Your actual payments may differ from the payments provided by this calculator as a result of using different loan amounts, car value, terms, and rates based on our pricing and underwriting policies and procedures. You will receive your actual rate once you have applied for a loan. We are not responsible for the accuracy, completeness, or usefulness of the information provided by this calculator, and we have no obligation to match your terms to the terms provided by this calculator. Wells Fargo auto loans are not available in Louisiana. Seventy-five percent of approved applicants qualified for this rate and payment range based on data from October 1, 2016 to December 31, 2016. To qualify for a customer relationship discount, you must maintain a qualifying Wells Fargo consumer checking account and make automatic payments from a Wells Fargo deposit account. Only one relationship discount may be applied per application. Auto loans obtained from a dealership (where the dealer is the lender) do not qualify for the relationship discount. To learn which accounts qualify for the discount, please consult a Wells Fargo banker. If automatic payments are not selected, or are canceled for any reason at any time after account opening, the interest rate and the corresponding monthly payment may increase. Wells Fargo Auto Finance does not make loans for educational purposes. If you need funds for educational purposes, call Wells Fargo Education Financial Services at 1-800-378-5526.
[imgrabber img=”car loan calculator 2″]

Car Loan Calculator

This auto loan calculator takes into account the principal, the interest rate and payments, the loan term, the down payment, the trade in value and the fees, as described above. You will borrow the full price of the car, along with fees, for a given period of time, and pay monthly interest on the sum along with part of the principal. The auto loan calculator shows the total interest paid and the total cost of the loan. You have the option of deducting the fees from the calculation if you prefer to pay them upfront.
[imgrabber img=”car loan calculator 3″]

Buying versus Leasing Another factor to consider when planning to purchase a new car, is whether to lease or buy the vehicle. Though many individuals believe that if a vehicle is leased, when the lease expires, they have nothing to show for the months of payments and the downpayment, if applied. However, there are many advantages to leasing a new car. The first advantage is that the purchaser does not shoulder all of the costs of initial depreciation. When a new car is purchased, it immediately depreciates when the owner takes possession of the vehicle. If the owner attempted to sell a week after they purchased, the sales price would be much less than the price they paid. When an individual purchases an automobile, they assume all of the costs of depreciation, as well as rest of the value of the vehicle. Essentially, when an individual leases, they are paying ONLY for the initial depreciation and not for the car’s full value. This translates into lower payments than if they purchased it. Even if the individual has excellent credit, their payments will be higher to purchase a new car than if they leased it. This is mainly due to the fact that with leasing, only the initial depreciation is charged to the lessee. When an individual leases, the downpayment is generally low. In fact, many times the lessee may negotiate the downpayment with the dealer and, in some cases, it may even be eliminated. However, as with purchasing, the more of a downpayment that is applied to the lease deal, the lower the monthly payments will be. Finally, when the lease has run its course, the individual simply returns the car to the dealer and selects another one to lease. A car lease will extend for a term anywhere from two to four years. At the end of the lease, the return of the car to the dealer is simple and straightforward. There is no haggling or selling involved and the transaction is a smooth one. The lessee does not need to be concerned with getting a good trade-in price for the car. The main advantage to purchasing versus leasing is that when the automobile is paid off, the individual owns it. However, the owner has shouldered the entire cost of initial depreciation, as well as the depreciation that has occurred over the course of the loan. If the individual had less than stellar credit when they made the purchaser, they were likely charged a high interest rate on the loan. This likely translated into payments that were much higher than if they would have leased it, and the payments may have even extended over five or more years. Leasing a vehicle alleviates much of the stress and trouble of owning an older vehicle, particularly if needs a reliable form of transportation and can afford to have a constant monthly payment. Some small businesses who use the vehicle for work may also be able to write off lease-related costs as business expenses.
[imgrabber img=”car loan calculator 4″]

Results shown are for . Change your stateThe figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisers. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Bank of America, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product. The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation. The final APR may differ from the APR in the above results due to additional fees that may be applicable.
[imgrabber img=”car loan calculator 5″]

Important note about this calculatorResults shown are for . Change your stateThe figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisers. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Bank of America, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product. The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation. The final APR may differ from the APR in the above results due to additional fees that may be applicable.
[imgrabber img=”car loan calculator 6″]

Auto Tips Never cosign for an auto loan. Yes, they may need your help. Yes, they may be a great friend or your own flesh and blood. But it’s never a good idea – especially if you aren’t planning on having to pay off the entire loan when the person who signs for it defaults. Before going to the car lot, try lining up your financing at a local credit union first. Credit unions often offer better rates than banks and financing companies at car dealerships. Once your financing is lined up, you’ll know how much you can spend on a car. Don’t buy a car you can’t afford. Too often car shoppers think about the final number they are willing to pay and don’t factor in taxes, title fees and other expenses. These extras often add up to more than a buyer can comfortably pay. advertisement
[imgrabber img=”car loan calculator 7″]

Never cosign for an auto loan. Yes, they may need your help. Yes, they may be a great friend or your own flesh and blood. But it’s never a good idea – especially if you aren’t planning on having to pay off the entire loan when the person who signs for it defaults. Before going to the car lot, try lining up your financing at a local credit union first. Credit unions often offer better rates than banks and financing companies at car dealerships. Once your financing is lined up, you’ll know how much you can spend on a car. Don’t buy a car you can’t afford. Too often car shoppers think about the final number they are willing to pay and don’t factor in taxes, title fees and other expenses. These extras often add up to more than a buyer can comfortably pay.

Published on May 4, 2018 | Under Car | By michael ellis
please edit your menu