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An automobile loan calculator is an invaluable tool to use when you are considering a car purchase. By using a loan calculator, you can get a fairly accurate idea of what monthly payment you can expect to pay, based on the amount you will be paying for the car, the number of months in the loan, and the annual percentage rate (APR) of the auto loan.
Using a loan calculator to estimate your payment before applying for the car loan will help immensely, because it will show you if the amount of money you want to borrow is actually within your budget. You may have you heart set on a certain car, but if you input the information into a loan calculator and find that the monthly payment is simply too much, you can find a different car, which is more conducive to your monthly budget. Using an auto loan calculator will enable you to be an informed buyer, and to avoid being surprised by the amount of your monthly payment.