"How much car can I afford?" If you've asked yourself this question, our car loan payment calculator will help you take the first step in the car-purchasing process. Use the form below to calculate lease or auto finance payment estimates, and then get to shopping!
* These calculations are for reference purposes only. All figures are estimates only and are not guaranteed as accurate. Always consult a professional financial advisor.
Auto Loan FAQs
You've got questions. We've got answers.
Is a 72-month car payment good or bad?
In many situations, a 72-month (6 year) auto loan can make sense. For instance, if you have good credit, your car financing interest rate, or APR, will likely be low, so you won't be paying too much extra over the course of your loan.
A 6-year car loan may not be a great option if you have a bad credit history. Your interest rate will be higher, and you'll pay more over the course of that loan. In this case, you may be better off with a higher monthly payment and shorter term.
Always look at the total cost of your car loan, not just the monthly payment! Speak with your lender or car dealership finance center for more advice.
Are interest rates different for used car loans and new car loans?
Usually you can get a lower interest rate when financing a new car because the value of the vehicle is higher than a comparable pre-owned model.
How much should I put down on a car?
Whatever you can afford - or nothing at all! There's no right or wrong answer here, though it's important to note that the higher your down payment is, the lower your total loan payments will be. Your down payment will also decrease your LTV (loan to value), ultimately improving your chances of getting approved for financing.
Typically, experts advise buyers to pay down 10% to 20% of the vehicle's sale price. Use this chart to estimate how much you may want to put in as a down payment when financing a vehicle:
|
Vehicle Sale Price |
10% Down Payment |
15% Down Payment |
20% Down Payment |
|
$5,000 |
$500 |
$750 |
$1,000 |
|
$10,000 |
$1,000 |
$1,500 |
$2,000 |
|
$15,000 |
$1,500 |
$2,250 |
$3,000 |
|
$20,000 |
$2,000 |
$3,000 |
$4,000 |
|
$25,000 |
$2,500 |
$3,750 |
$5,000 |
|
$30,000 |
$3,000 |
$4,500 |
$6,000 |
|
$40,000 |
$4,000 |
$6,000 |
$8,000 |
|
$50,000 |
$5,000 |
$7,500 |
$10,000 |
|
$60,000 |
$6,000 |
$9,000 |
$12,000 |
|
$70,000 |
$7,000 |
$10,500 |
$14,000 |
|
$80,000 |
$8,000 |
$12,000 |
$16,000 |
|
$90,000 |
$9,000 |
$13,500 |
$18,000 |
|
$100,000 |
$10,000 |
$15,000 |
$20,000 |
What credit score do I need to buy a car?
A credit score of 700 or higher will give you a good chance of getting the lowest APR car loan available, and possibly even qualify you for a "Zero Down" or "0% APR" deal.
If your credit or FICO score dips under 600, you may get an average interest rate; if your credit score is very low (less than 500), or you have no credit history, expect to finance your car with a high APR.
The Perfect Car-Buying Tool, Right at Your Fingertips.
Our auto finance calculator is great, but if you need more assistance figuring out how to get your car loan started, please contact your Braman dealer in Miami. Our auto financing staff will gladly provide a helping hand!
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