How to Figure Out Your Future Car Loan Payment So you are thinking about a new car. Before you go out picking the color paint on that new Honda, be sure that you have all of the facts, and don’t forget to read all of the fine print. This is very important, because when you are on the showroom floor, you are only going to be presented one number. That number is what they want you to see, not all of the other numbers that tack on to what that final number is. There are several numbers that you need to know, in order to have all the facts and know what the actual price is comprised of:
The actual vehicle price – self explanatory Trade in amount – how much the dealer is going to give you for your car The interest rate – the amount of interest you will pay on a month to month basis Sales tax rate – this depends from state to state Length of contract – how long you are going to be paying the loan off
Before you go to our website, be sure that you have all of this information. If you are missing even a piece of it, you won’t be able to get real data that will help you get that final number. When buying a car, there are a number of options that you need to consider. Really there are three options overall:
Buy the car outright Lease the car Get a loan
The majority of the time, most Americans gets a loan out on a car. The reason for this, is because most Americans simply cannot afford to put down thousands of dollars on a car to buy it outright, and they do not like the lease terms when talking about allowable mileage, etc. Most folks are swayed by advertising to walk into a dealership and buy a car. They want the process of buying a car to be an impulsive decision, they don’t want you do use an online calculator to make the purchase. They don’t want you to weigh the differences between leasing and a loan – they simply want you to come into the dealership so that they can talk you into buying a car on the spot. Thanks for coming by, we appreciate you coming by to learn more about the process of buying a car. You have taken the first step in being a responsible car buying, which is calculating the cost of the car. If you would like to learn more, please be sure to visit our website, see you soon!