How to Use This Calculator
Enter the vehicle price you're targeting, any down payment you plan to make, an estimated interest rate, and your preferred loan term. The calculator will show your estimated monthly payment along with total interest paid over the life of the loan.
Not sure what interest rate to use? Bad credit auto loans typically carry rates between 10% and 25% APR depending on your credit profile, the lender, and the vehicle. Use a rate in the middle of that range as a conservative planning estimate.
Tips for Lowering Your Payment
- Increase your down payment. Every dollar you put down reduces your loan balance and monthly payment.
- Choose a longer term. Stretching from 48 to 60 months lowers your monthly payment, but increases total interest paid.
- Choose a less expensive vehicle. Starting with a more modest vehicle keeps payments manageable while you rebuild your financial standing.
- Improve your application. Steady employment history and verifiable income help lenders offer better rates.
Ready to Get Your Real Numbers?
The calculator gives you a planning estimate. To see real financing options with actual rates and terms, apply now. Our team will match you with lenders in our network and walk you through your options, at no cost and no obligation.
Questions? Call us at (248) 282-6200 or email info@yourtimetodrive.com.