Car Loan Quotes
It definitely pays to shop around when financing your car purchase. Car dealerships often provide their own financing but they simply sell you a car loan provided by a local bank. They repackage the loan with 1-2 percentage points added to the banks offer, which is straight profit for the dealership. Worse yet, they are not required by law to disclose this practice.
I highly recommend shopping for car financing online before visiting
the dealership. Capital
One Auto Finance
offers very competitive car loan rates and you can apply instantly
online. You simply specify the loan amount you'll need and you
will be mailed a check which you fill out when you are ready to
purchase a vehicle. You are under no obligation unless you actually
use the check. This is a great option for those looking to buy
a car and it offers the versatility that most banks do not provide.
Securing a car loan with a great rate can save you thousands of dollars. The following table estimates the monthly and total payments for a 5 year, $30,000 car loan depending on the interest rate you receive:
APR% |
Monthly Payment |
Total Payment |
6.0 |
$580 |
$34,800 |
8.0 |
$608 |
$36,480 |
10.0 |
$637 |
$38,220 |
12.0 |
$667 |
$40,020 |
Use our car loan calculator to experiment with APRs, loan amounts, and loan lengths to calculate monthy and total payments for any type of car loan. Simply enter numeric values for interest, year, and loan amount. Click the "Compute Payment" button to determine the monthly and total car loan payment.
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