loan formula wiki
Car Loan Calculator Advice
Car Loan Calculator
Car loan calculators function normally in the same way any loan calculator does. The only difference with this type of loan calculator however is ‘…it also calculates the loan you require by deducting the deposit amount from the price of the car to make it a little easier to use.’ [1]
These calculators that deal with loans use what is called a standard compound interest amortization formula. This basically means they help you to understand the interest payable on a loan over any given time. An amortizing loans is what Wiki describes as a ‘…loan where the principal of the loan is paid down over the life of the loan, according to some amortization schedule, typically through equal payments.’ [2]
To summarize this, car loan calculators tell you the sum to be repaid and the interest you will pay overall… which answers the all important question which we all want to know ‘How much do I actually have to pay’?
Car Loan Calculator Advice
To take part in this fantastic device all you need to supply the calculator with is the duration of the loan (normally in months), the amount you want to borrow and the APR (annual percentage rate) for the calculator to process. Once the calculator works out the monthly payments and total interest payable on the loan for your car, you will then have a clearer picture of exactly what is on offer. Not only does this supply you with an answer to the all important question but also gives you the ability to compare loans between different companies making sure that you get the best deal possible!
Free Car Loan Calculator
Loan calculators for cars are now widely accepted as important for those passionate about receiving the best deal… therefore why not tell your friends and familly Car loan calculators are not only easily accessible to use but free to share! All it takes to get involved is simply adding the calculator to your website by using a widget. ‘Typical widgets that you may encounter include buttons, dialog boxes, pop-up windows, selection boxes, windows, toggle switches and forms.’ [3]
If you would like a free car loan calculator on your web site go to free car loan calculator widget. ‘Please note that quoted APR’s are intended to include the full cost of credit including any admin fees or additional charges. Although this payment calculator does not cater for these charges, the total amount repayable should be correct. Please check with the loan company on the exact monthly payment terms, conditions and amounts before you enter into an agreement.’ [4]
References
- http://www.prudentminds.com/car-loan-calculator.html, Car Loan Calculator (Prudent Minds, 2009)
- http://en.wikipedia.org/wiki/Amortizing_loan, Amortizing Loan (Wikipedia, Date n/a)
- http://www.webopedia.com/DidYouKnow/Internet/2007/widgets.asp, All About Widgets (Webopedia, Date n/a)
- http://www.prudentminds.com/car-loan-calculator.html, Car Loan Calculator (Prudent Minds, 2009)
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