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This is EZ Auto Loan Calculator’s “How Much Car Can I Afford” calculator page. As the name implies, this calculator will tell you exactly how much you afford to pay for a car. All you have to do is tell the calculator how much interest you will be paying on the car loan, the amount of the monthly payment you believe you can afford to pay each month and the number of years or months you plan on taking to pay off the loan. Also, you can, at your option, make an entry in the box marked “How Much is Your Down Payment and/or Trade in $.”

Obviously, if you have a down payment to put on the vehicle and/or you are getting a trade-in on your old vehicle, you will enter the total of these two amounts. If you are buying from a dealer it is probable there will be a minimum amount you will need to put down on the car. However, if it is a private sale, and you are going to your bank for a car loan, you may be able to borrow the total amount you need to pay for the car. This is why this box is optional.

After you click the button titled “click here to calculate” the calculator will tell you how much you can afford to borrow for your car loan and together with your trade in and or down payment, the total amount you can spend on your new or used automobile.

The great thing about the “How Much Car Can I Afford” calculator is you may not know in advance exact the terms of the loan you will secure. So, you will be able to play with the numbers, changing the interest rate, down payment and the potential monthly payment you will be making on your car loan. By varying these amounts you will get a good idea what type and how expensive a car you can start looking for based on the interest rate and length of loan you are willing to take.

There are times when people have changed their minds and have gone for a much more expensive vehicle when they found they would have to buy a very inexpensive car which would not meet their means if they were only securing a three-year auto loan. However, once they found they could purchase their dream car by taking a five year loan they went ahead and did this. In other words, knowledge is King and knowing in advance exactly the price you can afford to pay really puts you at an advantage when you actually begin shopping.

You will notice the “Length of Loan You Are Considering” can be entered in either months or years. Bear in mind that if you enter a number which is higher than 10 the calculator will calculate the length of loan in months. If however, the number you enter in this box is 10 or less, the How Much Car Can I Affordcalculator will calculate the number you enter in the box as years. This option is here for you in case you are taking out a loan that is not exactly any particular number of years in length.

At one time, 3 1/2 year loans were popular. Also, the 50 month loan is still available in some lending institutions. So, for 3 1/2 years you would be entering 42 into the length of loan box. Of course, for a 50 month loan you would enter 50 in the box.

Also, you may want to pay off a car loan in advance. Therefore you may want to see how expensive a car you could get if you were only going to make 30 payments on it. In other words, no matter how long the loan you will actually secure will be, you’ve made up your mind you will pay it off into 2 1/2 a half years. With this calculator you can do this easily.

Still, most car loans are for it even number of years. These days, they are usually for 4, 5, 6, or even 7 years. Obviously, it is very simple to use this calculator for any of these loans. Simply enter 4, 5, 6 or 7 in the “length of loan.” This will calculate how much of an auto you can afford for these lengths of auto loans.


Car Loan Interest Rate %

Length of Loan You Are Considering (Enter in Years or Months)
Note, if Number is 10 or Less,
it Will be Calculated as Years.
If Number is Higher Than 10,
It Will Be Calculated as Months
(So, for a 50 Month Loan, Enter 50,
For a 5 Year Loan, Enter 5)

Amount You Can Afford to Pay
For a Monthly Payment $
How Much is Your Down Payment and/or Trade in $

Enter values in the three boxes above.
Box below will be calculated.

Amount You Can Afford to Finance $
Amount of Car You Can Afford $