Auto Loan Affordability Calculator is an online personal finance assessment tool to calculate how much loan, total interest and monthly or term repayments you can afford to repay loan. These calculations can be done based on the input values of monthly net income, monthly expenses, interest rate and the total period to repay your loan.
Auto loan is the financial assistance from banks and other financial institutions to purchase a new or used car. Auto loans can be classified into two types. The fist one is direct auto loan which is directly provided by the financial institution to the person or organization. Whereas, the second type is indirect auto loan which is the financial aid by financial institutions to enable auto buyers purchasing power through the intermediary auto dealers. The major components of the auto loan such as principal, total interest, interest rate, method of payoff the loan, and other characteristics can vary considerably in different regions. When it comes to online calculation, this auto loan affordability calculator can assist you to determine much auto loan one can afford based on the values of borrower's income and expense.