Buying your next car means a lot of things, but it shouldn’t mean high monthly payments and steep interest rates! With Wasatch Peaks Credit Union, your next auto loan could be saving you money with every payment.
Use the auto loan calculator below to start calculating some personalized monthly payment estimates.
An understanding of the following can help you calculate accurate monthly car payments and make an informed decision on your auto loan terms:
The amount of money you choose to borrow for the loan. Note that this does not say ‘price of car.’ Only type in your loan amount, and not your actual vehicle cost.
This is the amount of money you choose to put down to secure your vehicle.
This is the amount of time you plan to make payments on your vehicle. Enter your term in years rather than months (i.e. 60 months is 5 years).
When using the auto loan calculator, input your projected interest rate. Your rate is based on several factors. Here are a few of the most important:
The higher your credit score, the lower APR rates you will qualify for.
Newer vehicles are more expensive upfront, but they cost less to finance. Used vehicles often cost more in interest, but have a much lower price tag.
The longer your term, the lower your payments because you’re extending the repayment period. Because of this, you will likely pay more interest over time. The opposite is true of choosing a shorter term length.
To determine the most accurate loan payment, you will need to consider the following questions:
What is my credit score?
Is my desired vehicle new or used?
What is my debt-to-income ratio?
What term length can I afford?
At Wasatch Peaks Credit Union, we'll work with you to make sure you receive the car loan that's right for your situation. Whether you're a first-time buyer or a vehicle owner looking to refinance, we can help. With our competitive rates and flexible repayment options, you'll be on the road to savings in no time.