Car Affordability Calculator

Know what you can afford, then shop with confidence.

A lot of people won’t step into a car dealership because they don’t know how much car they can buy. Use this car affordability calculator and solve the mystery for yourself.

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How Much Car Can I Afford?

Great question. Fill in the boxes below to help with the answer and determine what price you can afford to pay for a car.

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You can afford a car up to

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By the Numbers

Need a little help with your monthly budget? Fill in the boxes below to see just how much you are spending.

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Monthly expenses

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Your monthly budget is

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Estimate your monthly new or used car loan payment

This tool can help you figure out how much you might spend each month for your car.

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Your monthly payment would be

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A Little Extra

Fill in the boxes below to see how putting additional money toward your monthly auto loan can affect your payment.

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Loan term shortened by

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Total interest saving

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The Refinance Option

Fill in the boxes below to discover if you can save money by refinancing your current vehicle.

Current loan

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New loan

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Monthly payment saving

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Interest saving

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Interest payment

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Change in Cost

To see the potential savings in fuel cost from your current vehicle to a new one, fill in the blanks below.

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Avg. regular fuel price is

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Annual fuel savings with the new car

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*APR is the Annual Percentage Rate. Rates depend on the individual's excellent and substantial credit and key loan characteristics, including amount, term, vehicle age. A representative example of payment terms are as follows: a loan amount of $20,000 with an APR of 7.50% and a term of 70 months, would have a monthly payment of $353.63 with no down-payment required.

When calculating monthly expenses, it’s easy to leave details out of the equation. One of the most common mistakes in considering how much car you can afford to purchase is forgetting about the down payment. Depending on the car you wish to purchase, a down payment can be a key factor that should be part of your considerations.

Other factors are the annual percentage rate (APR) that you can expect to be offered by the lender, and the term, or length in months, of the loan payment.

By far, the simplest way to see all of this in action is to use a simulator, like the car affordability calculator above, to play with the variable factors, and see how those changes affect the overall loan terms.

Once you are armed with information and an understanding of how the loan process works, you can apply with confidence, and take a look at what RoadLoans can offer you.