A car loan repayment calculator is a great way to get a better perspective of your financial standing and how much you can afford to spend. A new car is a very big investment. Chances are you will use this car for a long time and will rely on it each day. If you live with family, then they may also need to use or ride in your vehicle. That’s why it’s important to get the best model you can while staying within your budget.
How to Use a Car Loan Repayment Calculator
If you visit the Blink Finance website, you will notice a blue box with the words “Try our loan calculator.” Here, you’ll find a few slider bars and text fields. Each is labelled to make it easy to get started. When you begin, you will be asked to provide:
- A desired loan amount with options ranging from $5,000 to $80,000
- Interest rates with options ranging from 4% to 25%
- Loan term options ranging from 1 to 7 years
- Radio buttons with repayment frequencies of monthly, fortnightly, and weekly
- A field for estimated loan duration
- A field for estimated payment amounts
Enter the information you already have to get started. For example, if you know that you would like to borrow $20,000, then adjust the top slider to $20,000 and review the information. Choose an interest rate that is your best guess (if you are not sure). Feel free to adjust each slider to see estimated repayments if you spend more or less with higher or lower interest rates.
If you are ready to begin, click the black “Next Step” button on the car loan repayment calculator. This will take you to the Blink Finance application form.
What Can the Car Loan Repayment Calculator Tell Me?
The Blink Finance car loan repayment calculator can help you determine a few things. First, you can get a better perspective on how much you can afford to borrow. You can also see how much lower your payments could be with a lower interest rate. If you don’t think you can find a lender to offer a lower rate, consider working on improving your credit score before you apply.
The car loan repayment calculator is a good starting point, but it isn’t the only thing you should do before buying a vehicle. To learn more about your personal financing options, contact us by phone at 1300 827 848 or complete the free online assessment on our website.