Car loan calculator for individuals. Auto Loan Calculator
Reading time: 7 minutes
Applying for a loan is one of the popular options for becoming a motor vehicle owner. Indeed, with its help, you can purchase an iron horse much faster than regularly saving money. But there is no need to rush to the bank. It is recommended that you first analyze your financial opportunities so that a hasty decision does not lead to much trouble in the future. How to calculate a car loan and what is needed for this will be discussed in this article.
Car loan concept
You can buy a car on credit in almost every bank. Since this is one of the most common lending programs, which, moreover, is of great interest among individuals... A car loan is a targeted banking product. That is, the money is transferred by bank transfer to the account of the vehicle seller. The use of funds for other purposes is fraught with penalties up to the requirement of early repayment of the loan.
Almost every car loan provides for the following parameters:
- The down payment is on average from 10-15%, but it can be either zero or more than the specified values. It all depends on the type of car, its age, manufacturer, and other conditions.
- The term of the agreement is from 1 to 7 years. For new cars of foreign production, loans are provided for a longer period than for used ones.
- Interest rate- here the variations in meanings are very diverse. On average, the payment for car loans ranges from 7 to 12% per annum.
- Collateral - usually a car is pledged, which is purchased for credit money.
- Insurance - hull insurance is almost always required, compulsory OSAGO, sometimes personal insurance.
What information is needed for the calculation
In order to choose the optimal credit conditions that will not create problems during debt servicing, it is recommended to calculate a car loan yourself. For an approximate calculation potential borrower you need to know all the parameters of the credit program, namely:
- the cost of the car;
- loan terms;
- interest rate;
In addition to the above conditions, insurance also has a significant impact on the size of the loan. Very often banks include it in the loan amount, which accordingly increases the size of the monthly payment.
Calculation of a loan with a down payment
Many potential customers are interested in the question of how to correctly calculate a car loan if there is an initial payment in the conditions. This parameter directly affects the amount of financing - the larger it is, the smaller the loan size. Required size down payment indicated as a percentage of the value of the car. That is, if the program specifies 15%, and the cost of the car is 700,000 rubles, then the amount of the advance will be 105,000 rubles, 595,000 rubles - a loan. Depending on the last numerical value, the monthly payment for a car loan.
Loan calculation without advance payment
To make buying a car more affordable, sellers Vehicle together with banks, they offer to buy a car without a down payment. How is a car loan calculated in this case. Everything is extremely simple. This option provides that the initial payment is zero, and the loan amount is the total cost of the vehicle. That is, only the price of the car affects the amount of the monthly payment.
What is the interest rate on the loan
The loan price for the borrower is determined by the level of the interest rate. Therefore, car dealerships, together with banks, often hold various promotions, under the terms of which you can take a car on credit in a car dealership under a very low interest... And also a profitable offer is the purchase of a car under the state support program. With its help, a car loan can be issued at a rate of 6.4% per annum.
It should be noted that many lenders set fines for non-fulfillment of certain conditions - for example, due to the absence of a personal insurance agreement or CASCO, the loan payment increases by 1-2 percentage points, or even more.
But not only the loan fee includes accrued interest, banks in order to increase the profitability of the transaction can set commissions - both monthly and one-time, for example, for servicing a car loan.
The formula for calculating the monthly payment
The following factors indicate the influence of the monthly payment:
- credit amount;
- interest rate;
- term of the contract;
- repayment schedule - annuity or classic.
The formula for calculating a car loan for a standard schedule is simpler than for an annuity one. Here you just need to divide the body of the loan by the number of months during which the car loan will be repaid. The maximum percentages are calculated using the following formula:
Loan amount *% / 12.
To get the final result, you need to add to the monthly payment for the body maximum size accrued interest.
The following formula is used to calculate the payment for the annuity schedule:
S = Kr * k, where
Kr - loan amount,
k is the annuity coefficient.
The last value is calculated using a special formula:
k =% * (1 +%) N / ((1 +%) N - 1), where
% - monthly interest rate. To get it, you need to divide the annual by 12 (the number of months in a year),
N - the number of months of the loan.
An example of calculating a car loan
For example, a client wants to buy a car worth 800 thousand rubles. The bank offers him to issue on the following conditions:
- initial payment - 15%;
- interest rate - 12.5%;
- loan term - 7 years.
First you need to determine the loan amount. To do this, you need to calculate the size mandatory contribution: 800,000 * 15% = 120 thousand rubles. In total, the bank can finance the client for 680,000 rubles.
If the contract provides for a differentiated schedule, then the maximum monthly payment will be as follows:
- loan body: 680,000 / 84 = 8,095.24 rubles;
- interest: 680,000 * 12.5% / 12 = 7083.33 rubles.
As a result, the monthly payment will be 15,178.57 rubles.
Now, on the same terms, we will calculate the monthly payment for the annuity schedule. First, you need to find the monthly interest rate: 0.125 / 12 = 0.010417.
The resulting value is multiplied by the loan amount and we get 12186.44 rubles. This is the size of the monthly payment for the annuity repayment scheme.
As you can see, the monthly payment for the annuity schedule is less than for the classic one. But it will be like this until the end of the contract, but according to the classic, the payment decreases every month.
How to calculate your car loan payment online
Today, it is not necessary to calculate the payment for a car loan on your own in Excel or on a calculator. Absolutely all banks have placed online calculators on their websites so that everyone can independently calculate the monthly payment for a car loan, taking into account the parameters of the credit program. To make an online calculation of a car loan at a bank, you only need to enter the following values in the appropriate fields:
- the cost of the car;
- loan terms;
- the amount of the initial payment.
In most cases, you do not need to specify the interest rate, it is automatically adjusted taking into account the credit conditions. Its size can be influenced by such factors:
- availability of personal insurance;
- customer category;
- condition of the car.
How to find out the amount of a monthly payment
It is not difficult to calculate the monthly payment for a car loan using an online calculator, you just need to fill in the appropriate fields. Considering that most loan programs provide for an annuity repayment schedule, the result that appears on the screen after the calculation will correspond to the monthly payment until the end of the contract.
It will be possible to calculate the payment more accurately only at the bank. The loan manager, when drawing up a loan schedule, will take into account all the nuances of the transaction, such as the client's category, the amount of the down payment, the availability of information on income, the loan term, and will make the correct calculation. If the obtained result suits the potential client, his income is quite enough to service the debt, you can safely apply for a car loan. It is advisable that the monthly expenses on the loan do not exceed half of the monthly income.
How to find out the final cost of a loan
To determine which loan is better for a potential borrower, it is not always worth paying attention to the size of the interest rate. Sometimes a small loan payment is offset by large commissions and additional costs. For example, CASCO in one bank will be more expensive than in another, or the client will be obliged to take out more personal insurance, which increases costs.
Therefore, in order to calculate the cost of a car loan, you first need to find out the amount of interest accrued for the entire period of the contract. This information can be obtained from the bank printout. Then you need to find out about insurance rates: on the CASCO policy, personal insurance. It is also important to take into account that life and car insurance will have to be insured annually until the end of the contract. These costs also need to be added to the accrued interest.
Also, the borrower will incur notary fees and bank fees that may accompany the transaction.
After all the costs have been taken into account, by the final amount it will be possible to determine where it is best to apply for a car loan. It is worth considering that a potential borrower can obtain all the necessary information only at a bank branch. It is very difficult to independently calculate a loan, taking into account all costs, and an online calculator will not help in this matter.
What to do to reduce loan costs
The amount of overpayment on a loan is mainly influenced by:
- credit amount;
- interest rate;
- term of the contract.
The larger they are, the greater the overpayment. Therefore, in order to reduce the cost of a car loan, all these parameters must be reduced. For example, when applying for a loan, it is advisable to pay a large amount of the initial payment, take a loan for a shorter period. The main thing is not to overdo it, so that the size of the monthly payment is comfortable for repayment.
You can also reduce the cost of the loan with the help of private and full early repayment. In the presence of free money the borrower is advised to increase the monthly payment. Thus, he quickly reduces the balance on the body of the loan. As a result, the amount of accrued interest is reduced and the term for using the loan is reduced. And with full early repayment, interest is charged only for the actual period of using the money.
In addition to interest, in case of early repayment, the borrower saves on insurance. After all, if he repays the loan earlier, he will no longer have to conclude insurance contracts.
Let's sum up
- the cost of the car;
- maximum loan term;
- interest rate;
- the amount of the initial payment.
Using this data, you can find out the size of the monthly payment in order to draw a conclusion how significantly the availability of a loan will affect family budget... The preliminary calculation of the payment can be done independently on the bank's website using an online calculator. But the final one is better done in a bank department - there the credit manager will build a payment schedule taking into account all the nuances of the transaction.
Before making the final choice in favor of one or another lender, a potential borrower needs to calculate not only the overpayment of the loan for the entire term of the agreement, but also take into account such additional expenses, how:
- annual insurance payments;
- bank commissions;
- payment for notary services.
By the way, choosing which is better - to buy new car or used, it should be noted that a loan for a used car will cost more due not only to the interest rate, but the amount of CASCO.
How to calculate a car loan: Video
Specialist in lending to individuals and representatives of small and medium-sized businesses. Experience in banking- over 15 years.
Practice shows that only 10% of car loan users are able to calculate its actual cost (before the loan is issued). Lack of attention to this issue often becomes a serious problem. A car loan can be a convenient, profitable solution, but you need to know how to work with it. This skill begins with the ability to correctly calculate a car loan.
The simplest scenario is to go to the website of the selected bank and use its calculator. In the program, you need to indicate the interest rate, the desired period and the cost of the car (minus the advance payment, if it is planned).
How to calculate a car loan at Sberbank
Each bank's website has its own calculation program. All of them are similar in that they determine only the "net" value. financial services- the amount of interest and commissions, if any. There are also differences that you need to be able to work with.
Take, for example, software for calculating a car loan at Sberbank (link to software). Here, not only the amount is considered, but the size of the loan is determined with the current income of the borrower. You enter:
- the required amount, 2.4 million rubles;
- its profitability, 50 thousand (if this is a program with a guarantee, then - and the salary of the guarantor, 50 thousand);
- the program determines how much the bank can issue for such data.
With an income of 50 thousand rubles of the borrower and the guarantor, the calculator offers a maximum of 780 thousand. The monthly payment for a car loan is 26,243.73 rubles, and the total amount of interest paid for three years is 164,774.23 or 21.14%. This 21.14% or 54,924 rubles per year is the cost of the loan. The total costs will be the difference between the actual and real cost of the car + insurance + 780 thousand loan body + 164,774.23 rubles.
Alfabank programs
More interesting conditions for car loans are offered at Alfabank. Here you can apply for a loan for a new or used car and choose between programs with or without hull insurance. The size of the loan payment in the amount of 1,000,000 rubles, according to the calculator, will vary between 34172–38174. That is, in three years the net price of the service will be $ 1.23-1.37 million.
The most expensive car loan will be for a used car without CASCO. Its total bank value will be almost 1.4 million rubles in three years. Plus, the bank requires a 15% down payment.
VTB
VTB-24 offers a calculator for calculating each program and separately, depending on the preferred conditions (quick issue, according to two documents, type of transport). Conveniently, you can specify the brand of the car.
For each of the programs, the borrower chooses a new or used car. There are separate products for commercial vehicles and general consumer loans.
The calculation is made for an annuity schedule type (repayment in equal installments). With a car value of 1,000,000, for example, the bank requires advance payment from 20%. If this is the Autolight program (simple issue), then the price of the service will be 182,908 rubles for three years. How to calculate it:
- we indicate a loan of 1,000,000 rubles and a period of three years;
- we expose an advance payment at a minimum (200,000);
- We do not include CASCO in the amount (although this can be done);
- estimated monthly installment - 27303;
- multiply 27303 by 36 months, we get 982908;
- subtract from this the size of the loan (800 thousand - a million minus the initial payment), the result is an overpayment of 182,908 rubles for three years or 60,969 per year.
OTP-bank
If you need a brand new car, it will be purchased from private hands (many of these conditions do not lend under special targeted programs) or without an advance payment, you can consider a consumer loan at OTP Bank. It also has its own calculator, designed for the maximum amount of 1,000,000 rubles. The tactics of action are preserved:
- set the bar slider to the maximum (one million rubles of the loan);
- we set the terms (three years);
- we receive a monthly payment of 32,796 rubles.
Overpayment - 180,656 rubles for the entire period or 18% of the loan amount (6% per year). There will be no expenses for hull insurance or collateral. But you will not be able to apply for a preferential car loan. Plus, you have to show good income to get the loan approved. With a probability of 90% +, the bank will want to take out life insurance of the borrower (this is another 3-4% of the loan amount to the costs).
Plus Bank
If your desires coincide with the requirements for car loans under programs with state support, you should take a closer look at the offers in Plus-Bank. There are many credit products here, and a concessional loan is issued at 10% (this is an overpayment at the level of 5.5% per year).
There is a calculator that provides a sample of monthly payments for all offered programs. It is most convenient to work with him. He showed that the regular contribution amount varies from 32290 to 42226 rubles. Overpayment for three years for the most expensive and cheapest program: 520144 and 162427 rubles.
Unucredit
In Unicredit Bank, the calculator is in the most prominent place and includes information about the borrower. It is necessary to indicate:
- the cost of the car;
- a calculated car loan with a residual payment (the size of the loan minus the initial payment, which must be at least 15%);
- your age, gender, income;
- term of use.
To buy a car for 1,000,000 rubles (we pay 150,000 ourselves), you have to pay 216,788 rubles for three years of use. Payment per month - 29633.
Cetelem
Setelem Bank has a breakdown by car brands. The financial institution works closely with manufacturers and often offers unique programs from the auto brand itself.
For a simple dispensing scheme (without state support) payment, according to the results of the program calculation, will be 34806.27 rubles. This is a 15% rate and an overpayment for the year 84341 (8% +). Slightly more than the others, but no advance payment is required.
How to calculate a car loan correctly: we take water data for example
Although you need to start with this - calculating the repayment schedule. Here it is important to immediately decide on three conditions.
- The cost of the car and the amount that the borrower can spend to purchase it (down payment).
- The possibility of obtaining a car loan with state support (assumes a choice from a limited number of brands and models, an obligatory advance payment of 10-15%).
- Preferred payment schedule, which can be recourse or annuity.
For clarity, we will take as a basis the specific conditions of a car loan.
- The car costs 2,760,000 rubles.
- An advance payment - 15%, 360 thousand rubles.
- The bank's rate is 18% per annum, without participation in the subsidiary program.
- Loan - 2.4 million (purchase of a car worth 2.76 million with an initial payment of 15%).
- Bank commission for reserving funds, paperwork, etc. (depends on the program) - 10%, one-time.
- The car is issued as a pledge at a notary.
Advance payment
If possible, the advance payment should be increased. The advantage of this instrument is to reduce the amount of debt. And with it - the amount of interest, the cost of insurance for a new car and notary services. In the given example, this is the first large payment of the borrower, 360 thousand rubles.
Annuity
A common version of the schedule - annuity - involves car loans with a repayment schedule equal amounts... The monthly installment is calculated using the banking program.
The total amount (payment) is usually rounded to the nearest whole number. Therefore, the last installment is slightly more or less than the regular one.
A simple calculation of a car loan with an annuity schedule is carried out on a bank calculator using special formulas. For our example, it will be 86,766 rubles per month. This is the amount of repayments on the body of the loan and interest.
Loan amount * 18 / (100 * 12) = 36,000 rubles. This is with 15% down payment. That is, the first installment of 86,766 rubles will include the repayment of the body in the amount of 56,766 rubles and interest - 36,000 rubles. The amount of debt will decrease to 2,343,234 rubles. Further, interest will be charged on it (and will change every month).
Regression (differential) graph
- 2.4 million rubles, if the borrower pays the accompanying costs himself;
- the amount adjusted for the insurance premium for CASCO and 10% bank commission, if the client wants to include it in the body of the loan. For our data, let's take a CASCO cost of 7% of the loan amount (168 thousand rubles). The loan will amount to 2,808,000 rubles (2.4 million + 0.24 million commission + 168 thousand hull insurance).
We divide it by the number of months of using the money (3 years = 36 months). We receive a monthly repayment of the body in the amount of 66666.67 rubles with self-payment for insurance and 78,000 rubles when related expenses are included in the loan amount.
An indicative chart can be easily calculated in Excel and looks like this:
- the amount of interest is calculated for each month according to the balance;
- the total amount of the contribution is the sum of payments on the body and the calculated interest;
- dates have not been adjusted according to the calendar (weekends, holidays), therefore the amount when calculating at the bank may differ insignificantly.
The total amount of the overpayment is 666 thousand rubles. That's 27.75% of general loan for three years.
We will do the same for the second amount (2.808 million rubles): regular contribution on the body of the loan will be 78 thousand.
Overpayment of interest for three years - 779.22 thousand, the same 27.75%, but in absolute terms it is much more.
Overpayment
Interest rate - the cost of a car loan. Overpayment - the amount of money that the borrower will actually pay for using the service. The latter can be very different under the influence of conditions:
- in case of early repayment, we subtract the amount of calculated interest from the amount of the overpayment that you had to pay for the entire period from the date the balance was made;
- amount of commission for early repayment added to overpayment;
- the overpayment must be counted in a year. To do this, the amount in money for the entire period of use is divided by the number of years of validity of the loan agreement.
Additional expenses
Net Loan Value is the first explication of the formula. In addition to interest, the client pays:
- CASCO insurance (plus personal insurance);
- commissions - one-time and monthly;
- for the services of a notary when registering a car as security (pledge agreement).
Insurance
The cost of CASCO for a car loan is 7-10% of the calculated base. The latter is accepted:
- for the size of the loan;
- the cost of the car in the showroom.
This is the only type of policy that the bank is entitled to require. But not the only one who financial institutions practice. The second type of insurance is personal life insurance with a car loan. Will cost 2.55-3% of the loan amount.
CASCO is issued for one year, but must be extended until the debt is fully repaid. The loan amount includes one insurance payment (per year) or an annual premium for all years. In the second case, the amount of the loan will increase and interest will be charged on the increased amount.
Bank fees
Any commission is charged on the initial issue amount - 2.4 or 2.808 million rubles in the example given. If this is a monthly "premium" of 0.5%, then every month you will overpay 12-14.4 thousand rubles to the interest. Even if the rate is reduced from 18 to 10%, the overpayment will amount (for the first chart) not 666 thousand, but 802 thousand rubles. One-time commissions do not hit the wallet so much, but they should also be avoided.
Notary fees
The cost of notarizing a pledge agreement is different. The tariff depends on the amount of the transaction and is determined as fixed amount and a percentage for the services of a notary. The latter is 0.1–0.3% of the contractual value of the collateral. For the given example, let's take the tariff of 5000 rubles + 0.3% of the loan. It turns out 13,280 rubles.
Which loan is more profitable according to the cost calculation results
After calculating all future costs for different loan scenarios, you can choose a profitable option. Practice shows that cheap loans are:
- loans with differentiated payments (the body is repaid faster, interest rates are reduced);
- loans without commissions (especially monthly);
- collateral loans with an advance payment of 10%.
A car loan under the state program for individuals will reduce the overpayment by 2-8% (depending on the cost of the car). The term matters: the shorter it is, the cheaper the service will cost.
Today the car loan market is filled with a variety of offers. In competing with each other, organizations do their best to attract a client.
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Each company positions its services as the most profitable. Organizations lure borrowers with low interest rates and various bonuses. However, are these offers really so beneficial?
To understand this, you need to calculate the car loan in advance.
Conditions for receiving funds
Before proceeding with the analysis of the offer you like, you should make sure that the company agrees to issue the required amount Money.
To minimize the likelihood of refusal, a potential client of a credit institution should take into account the following conditions:
- Banks provide money for buying a car only to people with good credit history. The applicant for the beginning of cooperation must repay all previous loans in a timely manner. The presence of delays in the past will be the reason for the refusal.
- The timing of the provision of funds in companies can differ significantly from each other. The client must independently determine the optimal time for him and select an offer, guided by this criterion.
- The client must be prepared to make an initial payment. Its presence can have a significant impact on the final decision of the bank.
- may be subject to additional fees and will need to be insured. For this reason, it is better to take a new car on credit.
- Companies are more willing to work with payroll clients. For this reason, a person must first go to the bank, through whose systems the payroll takes place.
- It is necessary to choose the most suitable credit program... The offers may vary significantly from each other.
- Better to collect the complete documentation package. This will not only increase the likelihood of the application being approved, but in some cases will also allow you to qualify for the start of cooperation on favorable terms.
By observing all the rules, the borrower minimizes the likelihood of receiving a negative response to the application.
How to find out the cost?
It should be remembered that the actual cost of the loan may differ significantly from the value that is obtained as a result of calculating the amount only at the interest rate.
The loan price is influenced by both commissions and additional payments that can be hidden.
Formula
A person can independently find out what payment he has to make every month.
To perform manipulations, you must use the classic formula, which has the following form:
I = (D × i) / m,
- D - the full size of the car loan;
- m is the total number of payments;
- n is the maturity date.
So, if the loan amount is 100,000 rubles, the loan was taken for 24 months, and the amount of the overpayment is 15.5%, the calculation of the monthly payment using the formula will be carried out as follows:
I = (D × i) / m = 100,000 × 0.155 / 12 = 1,291
According to the final data, the borrower will have to repay 1,291 rubles every month.
How to calculate a car loan?
Not all companies try to hide all the nuances of cooperation. If a person is sure that all conditions are transparent, he can independently calculate a car loan.
To find out the amount of overpayment on a loan, you can use the following methods:
- contacting a bank branch with a request to calculate the loan amount;
- using an online calculator available on the official pages of banks;
- application of the formula.
Online
If a person does not want to do counting and understand complex formulas, he can perform an approximate calculation online. Today, many firms provide such an opportunity for the convenience of clients.
To carry out the manipulations, you will need loan calculator... Today, most firms post such software on their pages for the convenience of the client.
It is better to use a program belonging to the very company in which the client plans to take a car loan.
It should be remembered that the final data are approximate and may differ significantly from the figures that will be obtained in the process of obtaining a loan for the purchase of a car.
The online calculator is available on the official pages of the following banking organizations:
- VTB 24;
- Sberbank;
- Gazprombank;
- Rosselkhozbank;
- Raiffeisenbank.
VTB 24
When using the calculator on the bank's website, you can make a calculation by the type of loan product.
You will need to enter the following data:
- car type (new or used);
- the amount of the first installment is at least 180 thousand rubles;
- debt maturity - no more than 7 years.
Sberbank
A targeted loan for the purchase of a car can be taken from a subsidiary of Sberbank - Setelem Bank. On the official website of the latter there is a program for calculation.
To get information on a car loan, you must specify the following data:
- car type;
- the amount of the down payment (at least 20% of total amount credit);
- loan maturity - no more than 5 years.
The result can be seen immediately after the input of the initial information.
Gazprombank
To make a calculation on the Gazprobank website, the following parameters must be entered into the calculator:
- the amount of funds required;
- first installment;
- in what currency it is planned to receive a loan;
- debt maturity;
- selected interest rate.
Rosselkhozbank
A specialized program for calculating a car loan is also available on the Rosselkhozbank website.
To calculate, you need the following characteristics
- car type - new or used;
- loan amount;
- debt maturity;
- the amount of the borrower's monthly income;
- method of making payments.
Raiffeisenbank
To use the online Raiffeisenbank calculator, you need to enter the following data:
- the city where the car loan will be issued;
- the selected banking program;
- borrower's monthly income;
- the presence or absence of collateral;
- the planned date of the first payment for the car loan.
On one's own
Having decided to carry out the calculation on their own, a person will be able to find out the approximate amount that he will have to return to the bank, even before starting cooperation with the organization.
In this case, you can resort to using the formula.
With a down payment
A car loan differs from regular offers in that it involves an initial payment.
A formula that looks like this will help to take into account its presence:
(D × i) / m (differentiated payments)
From variable D, which is the size of the loan itself, the full amount of the down payment is deducted. Only after these manipulations can you begin to carry out the rest of the calculations.
No down payment
If for a car loan, the classic formula for finding the loan price is used to calculate its cost.
For a used car
The implementation of the calculation in this case is no different from the classical operation.
However, it should be noted that the offer is different:
- increased interest rate;
- reduced limits.
All this must be reflected when entering data into the formula.
WITH CASCO
One of the features of a car loan is a client in mandatory must purchase a CASCO policy. Its presence can significantly increase the overall cost of the loan. The borrower will not be able to refuse this service.
Wherein credit institutions allow to include the cost of the service in the price of the loan. This fact will be reflected in the form of an increase in the value of the variable D.
Calculation example
At first, it is not so easy to carry out an independent calculation of the cost of a loan. However, examining a sample can help to simplify the action. By following all the steps shown in the example, you can quickly find the desired value.
The calculation of the cost of a loan is carried out using a formula that looks like this:
D / (n × m)
To find the value of the indicator, you need to substitute the data. For example, a client took 100,000 rubles at 15.5% for 24 months.
The calculation will be carried out as follows:
I = (D × i) / m = 100,000 × 0.155 / 12 = 1,291
Substituting his own data, a person will quickly find the desired value. However, it should be remembered that the way the capital is returned can also affect the calculation. It should be reflected in the formula.
Advantages and disadvantages
Getting a car on credit is a procedure associated with a number of positive and negative aspects.
The pluses of action include:
- the possibility of buying a car at the expense of the bank;
- long terms for the provision of capital;
- a wide range of proposals.
However, there are also a number of disadvantages.
The list includes:
- high interest rates on tariffs;
- large amount of overpayment;
- strict criteria for evaluating the borrower.
The use of calculation methods allows you to clearly demonstrate how profitable this offer is, and whether it is worth using it.
Full loan cost- the aggregate of the body of the loan, commissions, payments, the amount for service. Expressed, as a rule, the interest rate for the overpayment.
When calculating we must not forget on the inclusion of commissions, additional amounts, for payment of services, opening and maintaining an account.
If there is insurance, then the amount is distributed over the entire term of the loan and is included in each monthly payment.
The car loan interest rate is calculated based on many factors:
- Presence or absence credit history from the borrower.
- Loan terms. The longer the term, the higher the interest rate.
- The size of the down payment on a car loan. The larger the amount, the lower the risk of the bank. Accordingly, the overpayment and interest rate are lower.
- Assessment of the external and internal state of the car itself.
- Accreditation of the borrower's place of work.
- Whether the borrower is a payroll project.
A car loan involves the mandatory presence of collateral in the form of the purchased car. Maximum amount lending does not exceed 85% of the initial cost of the car.
The full interest rate is calculated based on:
- Interest on the main body of the loan.
- Commissions for issuing or opening current accounts.
- Monetary reward for service.
- Car loan insurance.
- Property appraiser job.
- Notarial conclusion.
- Other expenses not disclosed by the bank.
Excluded:
- Fines, penalties for late payment or violation of the concluded agreement.
- Policy payment compulsory insurance civil liability and hull insurance.
- Cash service payments.
- Payment of statements and other information on the account.
- Commissions for early closing and foreign exchange transactions.
How to calculate a car loan yourself?
Let's look at two examples calculation of car loan payments: when buying a new car and a used car.
For example, the amount is 100 thousand, the period is one year, the denomination is 10%, the start date is 02/02/13, the date of the last is 02/02/14. Plus insurance. As a result, 34.89% is the total cost of the loan.
Let's calculate the car loan interest for two types of payments.
Calculation of interest for an annuity payment:
Where P - accrued interest, S - debt balance, P - annual rate.
Interest calculation for differentiated payments:
p = Sn * P / 12, where p is the accrued interest, Sn is the outstanding balance for the period, P is the annual interest rate on the loan.
Buying a new car, example:
- Loan amount 400 thousand rubles,
- monthly income 20 thousand,
- down payment 200 thousand,
- a person can pay 20 thousand monthly.
Payment: a person does not have enough 200 thousand to buy a car. The bank as a mandatory condition puts forward the registration of CASCO insurance, which costs 60 thousand. Now he needs not 200 thousand, but already 260 thousand.
Each bank takes a small commission to open an account.
This percentage is about three. In total, it turns out that there is still 267800 missing.
A monthly amount increases from 4250 to 5690 rubles.
Overpayment for five years - 73645. This is without taking into account the annual extension of CASCO.
- The term is two years.
- The price of the car is 400 thousand, but the service life gave a discount of 50 thousand and now the car costs 300 thousand.
- The initial amount is 100 thousand.
- Search costs 10 thousand
- Account opening fee 3%.
Payment: 300,000+ 10,000 = 310,000 * 3% = 9300 + 310,000 = 319,300 rubles. This means the loan amount. By paying 15 thousand monthly with differentiated payments, you can pay off the debt in 26 months. Overpayment will be small, only 40 thousand rubles.
How not to overpay on loan obligations?
- At first study carefully each clause of the contract. Read all agreements and requirements in your direction. All of them will be able to influence the final rate.
- Study everything slowly. Many loan officers urge people to prevent them from reading all the loan terms. Ask to explain all the moments you do not understand. They are obliged to do this.
- Pay attention to insurance products. Their cost affects the price of the loan. As a rule, you can refuse it before applying for a loan.
- Find all offers on financial market and compare them. Can choose the best option t even with a low interest rate.
Conclusion
To sign loan agreement and do not regret it, it is necessary to make calculations of a profitable loan ourselves.