Researching Your Financing
Payment and Loan Cash Calculators
Did you know that your monthly vehicle payment doesn't buy you a car? It buys you a lump sump of cash. In Don't Get Taken, I call this "loan cash." The "available cash" you have to purchase a vehicle is composed of your loan cash, your down payment, the equity (if any) in your trade-in, and any other cash such as a rebate.
Determine Loan Cash
If you have decided how much you wish to pay monthly and for how many months/years and have shopped financing sources to find the best rates, you can determine how much money your payment will buy using the handy online Loan Calculator provided by FINRA.
If you know the lump sum you need to borrow, the interest rate and the month/years you want to pay, you can also use this Loan Calculator to find out your payment.
Determine Available Cash
Use this handy calculator that enables you to determine how much Available Cash you have to buy a vehicle. Use it to help you stay in budget!
Finding a Credit Union
If your company doesn't have a credit union or a relationship with one that allows you to join, you may still be eligible for credit union membership.
Find a credit union on the aSmarterChoice website which is a project of the nation's credit unions.