There’s nothing better than buying a new car. You have save enough for a decent down payment, your credit score is finally in a good place, but mistakes can be made that could sink your financial future. Before locking into an auto loan, use an auto loan calculator to determine how much you are actually going to be paying per month.
Include expenses like insurance, gas cost, maintenance, registration and other auto related expenses into your auto loan calculator figure. This will give you an idea of how much that car is actually going to cost you per week, month or year. If any of the other expenses related to owning a car takes you over your budget for auto, then the new car just isn’t worth it.
An auto loan calculator can give you a rough estimate of how much you will end up paying for a new or used car. You can then use that information to make the determination if you will be able to pay for that car. Many first time auto buyers end up having their cars repossessed because they failed to calculate all the affiliated auto expenses.