If you’re in the market for a new car and need a payment calculator in MN to help plan your budget, Valley Chevrolet of Hastings has two of them you can use. One calculator helps you determine your monthly payments while the other can calculate your total buying power. Read on to learn more about them.
Monthly Payment Calculator
To use the monthly payment calculator, you will need to enter the following information:
- Loan Amount – This is amount you need to borrow to purchase the car you want.
- Down Payment – This is your initial up-front payment. The higher your down payment, the lower you will need to borrow.
- Trade-In – This is the value of the vehicle you’re trading in. You can look up some websites like Kelley Blue Book to get the estimated value of your used vehicle. To get an accurate value of your trade-in in Hastings, you can get an appraisal through our dealership online.
- Term – This is the amount of time you will repay a loan. While choosing long-term loans can lower your monthly payment, your total cost will be higher due to higher interest rates. Conversely, a short-term loan means higher monthly rates but lower total costs.
- Interest Rate – This is a percentage of your loan you will pay back on top of the money you borrowed.
After you put in all the required information, you will get your estimated monthly payment.
Buying power calculator
The buying power calculator is the same as the monthly payment calculator but instead of putting in a loan amount in the first line, you put in the monthly payment you want to make.
If you need more assistance in financing a car, you can contact Valley Chevrolet of Hastings. Our finance department will be more than happy to help you figure out a great payment plan that will fit into your budget. Get in touch today!
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