Estimate how much you can spend on a vehicle
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You may be able to afford a loan amount up to
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Your monthly payment would be
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Loan term shortened by
Total interest saving
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Annual fuel savings with the new car
*APR is the Annual Percentage Rate or the cost of your credit at a yearly rate.
**Not including taxes and fees.
Get the best estimate
Here are some pointers to help your calculations:- If you’re not sure what your auto payment should be, do a monthly budget to work out how much you can allocate. According to the 20/4/10 rule, a car payment plus insurance should be no more than 10 percent of your gross income.
- Loan duration plays a key role in how much you will spend on a car overall. When using this calculator, opting for a longer loan will increase your loan amount and, depending on APR, could also increase how much you will pay in total interest. Conversely, shortening the term will reduce the loan amount and can provide savings on interest.
- Annual percentage rate is typically affected by a borrower’s credit score and a number of other factors, such as whether they are putting money down and buying new or used. New cars generally come with lower APRs, partly because resale values are more predictable.
- A down payment, trade-in allowance, or both, can increase the estimated amount you have to spend on a car, improve your chances of approval and, if approved, may get you a lower rate. Alternatively, use money down to borrow less and reduce your financing costs.
Buy the right car
As this is an online calculator, it’s easy to adjust the values to see what affect monthly payment, loan term, APR and down payment will have on a potential car purchase.
Keep in mind that there will be sales tax, title and other fees on top of the sticker price, or the price you negotiate for a car at the dealership. As a guide, some experts recommend allowing 10 percent to cover these costs, which you may want to include in your total affordability amount.
Once you’re happy with your estimate, apply for financing online and get an instant decision. RoadLoans accepts applications for new and used car loans from consumers across the credit spectrum, including those with bad credit.*
Approved applicants receive multiple offers so they can select the best one and shop like a cash buyer, loan voucher in hand. As a national lender, we work with 15,000 auto dealerships that are able to show customers select, high-quality models meeting our standards for age, mileage and financing.
Apply for a car loan and get a quick decision.- How to buy a car with RoadLoans during Coronavirus- The spread of Coronavirus (COVID-19) has restricted mobility for most of us, yet many people still need a car to perform the essentials. If you’re in the market for a vehicle, the good news is that there are dealerships still open for business and, for our part, RoadLoans remains ready to accept applications for credit. This is how our process works, along with tips for shopping and the benefits of online services during this time of social distancing. Applying for a loan As a full-spectrum lender, RoadLoans has experience working with customers with a wide range of credit, so even if your credit score has been affected by...
New vs. used auto loans: A quick comparison for car buyers- All car loans for bad credit are depreciating assets, which means each year they lose some of their original value.
Car Loans for People With Bad Credit- Can I get a car loan with bad credit?* It’s a common question, and a look at some figures provides useful context when you need an answer. Nearly one third of Americans have bad credit, amounting to some 68 million consumers, according to Experian, a national credit bureau. With that in mind, you may not be surprised to learn there are many lenders that will consider car loans for people with bad credit. Each applicant’s position is different, however, and whether you can get an auto loan yourself will depend on your own set of circumstances. But now you know you may have options, let’s explore them. How to get...
* “Bad” or “poor” credit generally is considered a FICO score around 600 and below by sources including the Consumer Federation of America and National Credit Reporting Association (reported by the Associated Press), Bankrate.com, Credit.com, Investopedia, NerdWallet.com and others. The Congressional Budget Office identifies a FICO score of 620 as the “cutoff” for prime loans. FICO scores are not the sole factor in lending decisions by RoadLoans.com and Santander Consumer USA.