Dec
18
by rdokoye
There are many car loan calculators available to allow you to determine your monthly payment or even your car purchase price.
‘Buy or lease’ car loan calculators are also available. Such calculators are capable of comparing amounts, and will let you see which the better value is for you.
One limitation of a car loan calculator is that it is not a quote. This is because your actual repayments may change based on your individual circumstances.
The features of a car loan calculator are generally similar. Most car loan calculators allow you to put in the amount of money you would like to loan. Afterwards, you can select how many months you would like to pay it back. Finally, you can click the car loan calculator button and see how it works out how much you will end up paying the finance company. This would, of course, depend on how many months you choose and what their annual percentage rate (APR) is.
A car loan calculator can be offered free on the internet as an Excel Spreadsheet Download Area. It is ready to use. All of them have several loan scenarios on one 8×10 printout, allowing you to make quick decisions about your car loan. You can also find car loan calculators online at E-LOAN and Capital One Auto Finance. If you have a PocketPC type PDA, you can download a version of some car loan calculator for PDA. You can use the spreadsheets to compare online auto loan rates to the car dealer auto loan rates. New car financing has never been easier for you.
Here are some general kinds of car loan calculators and see which works best for your car loan needs.
Free Car Loan Calculator – There are tons of free car loan calculators around, especially on the internet. Remember most of the calculators are just to work out what your ideal monthly payments should be and are NOT a quote. There are free car loan calculator links all over the net.
New Car Loan Calculator – New car loan calculators help you work out your ideal monthly payments. A lot of new car loan calculators can be used for a variety of uses like used car loans. With this calculator, you can usually enter your own interest rate for your loan.
Online Auto Loan Calculator – There’s quite a lot of online car loan calculators out there that you can use and you’ll find links to online auto loan calculators that can hopefully help you find the best deal.
Why are car loan calculators useful? You’ll need to calculate your car loan payments and look up dealer costs for cars and trucks. Without the knowledge you have derived from using a car loan calculator, you could miss out on a good deal. Bank and finance companies could take advantage of your lack of research.
As you try to arrive at how much car you can afford with car loan calculators, don’t think in terms of the monthly payment or just of the total price of the car. The monthly payment, as we’ve seen, can be manipulated just as easily and both approaches leave out other costs associated with the car, such as insurance, fuel and maintenance. To truly understand if you can afford a car, you must take all these factors into consideration. There are ‘how much car can you afford?’ calculators which will help you arrive at a close approximation. They work in the same way as car loan calculators.
There’s still more to do before you actually start shopping for a car of your own. Decide whether you should buy a brand new or a pre-owned vehicle and whether you would be better off buying or leasing. There are pros and cons to both questions. Either way, car loan calculators can speed up your decision.
About the Author
Uchenna Ani-Okoye is an internet marketing advisor and co founder of Free Affiliate Programs
For more information and resource links on auto loans visit: Best Auto Loan Rates
Article Source: Content for Reprint
Feb
8
Learning About GMAC Auto Loans
Filed Under Loans Articles | Leave a Comment
By Jeffrey Meier
The process of purchasing a car has become more and more taxing over the years because the economy as a whole has become so expensive. It is almost an impossible prospect to purchase a car with cash, so an auto loan is the primary option for most. If financing a car is your only option of purchase, then why not make your transaction as quick and easy as possible? GMAC tries hard to make your transition to car ownership as simple as possible with GMAC Auto Loans. Want to know more? Read on!
Who is GMAC?
GMAC Financial Services is “a global, diversified financial services company.” As a subsidiary of General Motors Corporation, GMAC originally functioned as a financial assistance program for auto dealers who wanted a larger selection of automobiles on their lots but did not have the cash to pay for more than just a few. Over time, GMAC’s financing options expanded beyond assisting the dealers and moved into customer financing. And today we have a new financing system that assists prospective auto owners in driving a car now that they can pay for conveniently in their own time.
As the years evolve, so does GMAC, and now they provide the widest variety of auto financing options available to the public. While GMAC offers a number of packages for all areas of consumerism, including businesses and brokers, in this article we will focus on personal loans for the everyday consumer.
Personal GMAC Auto Loans
The two types of personal loans we will focus on in this article are GMAC Auto Loans for Vehicle Financing and GMAC Auto Loans for Vehicle Leasing. Vehicle financing is one of the original ways that GMAC began the “rent to own” process of purchasing a vehicle. Under the umbrella of the vehicle financing process is traditional retail financing and Smart Buy. Traditional retail financing is what most people expect when going to purchase a car. This style of financing is defined as “an installment sale transaction between you and your dealer whereby you agree to pay the amount financed, plus an agreed upon finance charge, over a period of time.”
GMAC gives its prospective buyers guidelines to determine if traditional retail financing is the right choice for them. They explain that if you plan to drive your car for more than a few years and you consistently drive well over 15,000 miles a year, or even if you plan to alter the vehicle (change the paint color, add new wheels, change the interior), and most importantly, if the car you’re financing is the one you intend to own, then traditional retail financing is probably the right choice for you. Most people in this day and age go directly to GMAC to finance their car; however, you are able to go through your bank or credit union as well.
Smart Buy is the second type of vehicle leasing available through GMAC Auto Loans. Smart Buy is also a program that allows you to eventually own your vehicle, however monthly payments are typically lower than those of traditional retail financing. How is this possible? Because GMAC takes a fraction of each monthly payment and moves them all to the end of the contract, combining them into one lump sum that will be paid in something called a “balloon payment.” The benefit of the Smart Buy financing option is that if you don’t have or don’t want to pay the balloon payment at the end of your contract, you can simply return the vehicle and pay a smaller disposal fee, which includes mileage and excess wear charges. Also, you have the option of selling the vehicle yourself at your own price allowing you to possibly profit if you sell it for enough to cover your outstanding balance. However, you are only allowed a limit of 15,000 miles per year with Smart Buy, so if you’re not sure you can manage this; Smart Buy may not be right financing option for you.
While vehicle financing is good for some, leasing may be the best option for others. Auto leasing is defined under GMAC Auto Loans as “an agreement between the owner of the property (lessor) and the user of the property (lessee) for the use, (rental), of property, (leased vehicle), subject to the stated terms and conditions in the lease agreement which detail both the length of time and the agreed upon payment.” This means that you are basically participating in a long-term car rental process.
The major difference between vehicle financing and vehicle leasing is that you won’t have the option of owning your car. Typically vehicle leasing monthly payments are cheaper than those of vehicle financing because you are committing to give your car back at the end of your leasing term – which provides the option to drive a very nice car for the same monthly payment as an “okay” car that you would be financing to own. For those who are not interested in driving the same car for more than 2 years and don’t plan to make any alterations, then leasing is probably the best option for them – but again, you must do your research before making such a monetary commitment.
Through GMAC Auto Loans you have available three different leasing options: SmartLease, SmartLease Plus and Low Mileage Lease. SmartLease is the standard leasing option from GMAC where you have monthly payments to cover the car’s value, plus a rent charge, taxes and fees. SmartLease Plus expands the lease to help you avoid monthly payments (contact GMAC for more information). And the Low Mileage Lease benefits those who drive under 12,000 miles per year with lower lease payments. However, before choosing this option you must make sure that you won’t go over your 12,000 miles to avoid being charged for excess mileage.
On the GMAC website you will find a wonderful FAQ section that offers plenty of advice on the best financing or leasing options for you when considering GMAC Auto Loans. Also, you should speak directly with a dealership representative to get all of the facts about the perfect car and perfect loan before making any commitments. If you can do all of the appropriate research necessary on GMAC Auto Loans, then you’ll be moving in the right direction and will be only months, weeks, or even days away from the car of your dreams.
Jeffrey Meier of Jam727 Enterprises at http://www.dmperf.com offers automotive information articles on a wide variety of subjects including GMAC Auto Loans at http://www.dmperf.com/carloans/gmac_car_loans.htm
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