When evaluating a loan application, lending institutions must factor in your creditworthiness and your potential risk. Since most lenders do not know you personally, the only way they can evaluate your risk potential is to reflect on what you have done in the past. They generally take into consideration the following: how promptly and consistently you pay your bills; the amount and type of credit you have established; how much you currently owe other creditors; your income; your employment history; and your residence history. Another important predictor is the percentage of income required to cover housing and fixed expenses. If the percentage is too high, you may not qualify for a loan, or you may be asked to pay a substantially higher interest rate.

    When determining the amount of money you can comfortably borrow, the monthly payment must be affordable - both in terms of the individual payment, as well as its overall impact on your total monthly obligations. Lenders typically want the payment to be no more than 15% to 18% of your total monthly income before taxes, and your total monthly debt (including your new loan payment) should not exceed 40% to 45% of your total monthly income.

    ** "Other Monthly Payments" should include all installment loan and revolving charge account payments for items such as automobile loans, student loans, Visa credit cards, etc. Items that should not be reflected in this category include personal living expenses such as utilities, insurance, gasoline and general living expenses such as food and entertainment.

Calculate Your Automotive Loan Payments

    Our payment calculator is simple to use, and it serves as an excellent tool for estimating your purchasing power. Its flexibility allows you to compare various financing scenarios, or calculate a payment schedule for the automobile of your dreams. The finance calculator is designed to function as an estimating device. It does not take into consideration tax and license fees, designation and dealer preparation charges, advertising fees, options, extended warranty and service packages, and other costs associated with the purchase of a new or pre-owned automobile.

Estimate your Monthly Payments

    For example, if you were in the market to purchase an automobile with a list price of approximately $20,000, and you intended to apply a 20% down payment ($4,000), you would be financing an outstanding balance of approximately $16,000. To compute your potential payment options, key in $16,000 in the first box, select a loan term from the drop down list in the second field, and determine the interest rate you would expect to receive on your loan and insert that rate in the third field. When you have finished populating all of the fields, click on the "Do It!" button. The estimated monthly payment will be displayed in the fourth field. By substituting combinations of amounts financed, loan terms, and loan rates, you will be able to determine the ideal payment option for you.

    Now that you have estimated your potential purchasing power, would you be interested in applying for a pre-approved loan? We will provide you with our decision within 24 hours. Click Here to complete a credit application that will be processed through our secure server encrypted transmission.

    Depending upon the particular transaction and lender involved, once approved you will either receive an immediate approval loan certificate via e-mail, a blank check for up to your approval amount in the overnight mail or, in the case of a person-to-person purchase, the issuance of a site draft check made payable to the lien holder and/or the individual seller may be required.