By Admin on Feb 1, 2010 in Credit
Carl G asked:
Where can I find a amortization chart, or a formula for my calculator to take to the dealership if I have to use their financing (I have a 5 year old bankruptcy)
Where can I find a amortization chart, or a formula for my calculator to take to the dealership if I have to use their financing (I have a 5 year old bankruptcy)
They will rip you when they start asking what you want your monthly payment to be – for me it is the interest rate and amount of time for the loan. I need to be able to calculate this stuff based on interest rates they will give me – there at the dealership. so I wont have my computer to do calculations automatically.
Amount of the car, meaning less your down payment.
Divide by terms, add interest, equals your monthly.
Example:
Principle + interest divide by loan term less down payment. You should be able to come up with your minimum monthly payment. Ofcourse, the longer you have the loan the smaller your monthly is going to be.
Erica Asahan | Feb 4, 2010 | Reply
The loan amount, loan percentage rate and length of your loan will dictate how much your payments will be. Go to the link below and type in the info (loan amount/%rate and # of months the loan is for) and you will see what your payment will be. This does not include title/taxes/sales tax fees added at the end of a sale. You can get that info and leave a dealership and go on line and do your own research as well. Do not forget your local bank – auto rates may be better if you are pre-approved – and this way you stay within your affordable price range when you are looking.
Here’s that web site to calculate a payment:
webcrafter | Feb 5, 2010 | Reply
Set one up in Excel.
On A1, enter $10,000
Across the rest of the 1 row, enter different interest rates, 5%, 5.25%, 5.5%, etc.
Across the rest of the A column, enter different numbers of months, 24, 36, 48, etc.
This forms the rows and columns of a lookup matrix.
I don’t have Excel, but Microsoft Works has a formula: =PMT($A$1,B$1/12,$A1)
which calculates the payment for:
A given dollar value in cell A1,
A given interest rate in the 1 row, and
A given number of months in the A column.
Copy and paste this to the rest of the cells in the matrix.
Print it out, and take it with you to the dealer.
$10,000 * 6.25% = $236.00 * 48 months.
$10,000 * 9.25% = $250.04 * 48 months.
For a differnt price, just divide the payment by $10,000 and multiply by the new price.
Jeff | Feb 6, 2010 | Reply