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How reliable are online calculators for automobile loans? As long as you know the annual percentage rate (APR) you will have, the exact amount you will be financing on the loan, and how many months the auto loan will be amortized for, then online calculators can be amazingly accurate. The great thing about online calculators is that you are able to see almost exactly what your monthly payment will be based on your loan information
If you only have a vague idea – for example, you aren't quite sure what your exact APR will be – then you can at least get a ballpark figure for what your monthly payment will be. Calculators can be great for getting an idea of what you can realistically afford. If you have your heart set on a particular car, but then run the numbers through an online calculator and find that you will be looking at $800 a month payments, then you may decide to go with a different car entirely. It is better to find this out in the comfort of your home while using an online calculator instead of being informed of this by the lender or car dealer.