Loan with down payment calculator. Can you pay for a car loan yourself?
According to statistics, every fifth car is purchased on credit. This market is so popular that almost everyone has Russian bank has its own program for the provision of cash for the purchase of cars.
In order to evaluate in advance the profitability of the conditions of a particular bank, you can use the car loan calculator on our website. This tool will allow you to calculate a car loan, find out the amount of the overpayment and the amount of the monthly payment.
How to calculate a car loan?
Many borrowers mistakenly believe that the overpayment on a loan can be easily calculated by adding the interest rate for the entire loan period to the loan amount. Such a calculation system is not correct, since today many banks operate on the so-called annuity payment system.
This means that after receiving a loan, the client first pays the overpayment on the loan to the bank, and in the remaining period he pays his main debt. Such an operation requires complex calculations, for which bank employees use expensive, professional software.
However, with our car loan calculator, you can roughly calculate a car loan from any bank. The only thing that is required from you is to know the terms of the loan program and the cost vehicle.
If you know these parameters, enter them into the form located in the upper left corner of the page and click on the "calculate loan" button. Within a few seconds, you will be able to receive the following information.
- - Amount of overpayment on a car loan
- - The amount of the monthly fee
- - Number of payments for the crediting period
- - The total cost of the car, taking into account the overpayment
When choosing credit institution special attention is paid to the conditions of car loans.
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The most essential conditions are: maximum amount loan, loan term, interest rate of the bank, on which the cost of a car loan depends, additional security of repayment borrowed money(collateral, surety).
What you need for self-calculation
- car cost. Based this indicator the loan amount required to purchase the vehicle will be calculated;
- loan terms. The maximum term of a car loan in most credit organizations is 5 years. The longer the period for paying off the debt, the greater the final cost of the car loan;
- credit institution's interest rate. Generally the size interest rate for clients is determined individually, based on parameters such as size wages, the availability of additional security, the selected car loan program.
The cost of a car loan is also affected by the need to insure the purchased car. In most cases, banks require insurance movable property by CASCO.
At the same time, the cost of insurance for the entire loan period can be included in the loan amount, which will directly lead to an increase in the total cost of the loan received.
With down payment
If the car loan program involves the mandatory payment of a down payment, then to calculate the cost of the loan, you will need to know the amount of the installment that the client is willing to pay.
The size of the down payment, as a rule, is determined by the bank as a percentage of the cost of the car and averages 15% - 25%.
The greater the amount of the down payment paid by the client at the expense of own funds, the lower the percentage on a car loan the bank will be able to offer.
No down payment
If a car loan is issued without a down payment, then no additional data is required to calculate the cost of the loan.
Formula
- the full cost of CASCO for the entire loan period;
- bank fees and so on.
Therefore, you can only calculate the approximate cost yourself. To calculate, we use the formula:
S loan = S monthly payment * N,
N- the number of months of use of borrowed funds.
To calculate the amount of the monthly payment, you can use the formula:
S h.p. = S principal payments + S interest payments
Sum monthly payment for the principal debt is calculated by the formula:
Sv \u003d S / m,
With- the amount of the loan;
m- the total number of payments according to the schedule.
The interest payment amount is determined by the following formula:
Svpp \u003d S * P / 12,
With- loan amount;
P- interest rate
Examples
Let us give examples of calculating the cost of a car loan using the presented formulas.
Example 1
The car that the customer wants to buy is worth 600 000 rubles. The borrower pays a down payment of 20% of the value of the vehicle, i.e. 120 000 rubles.
The credit institution agrees to issue a loan for a period of 5 years (60 months), while the annual interest rate is 15%.
The loan amount will be
600,000 - 120,000 \u003d 480,000 rubles
The amount of the monthly payment on the principal debt -
Sv \u003d 480000/60 \u003d 8000 rubles
Interest amount -
Svpp \u003d 480000 * 0.15 / 12 \u003d 6000 rubles
The monthly payment, excluding the cost of insurance and bank commission, will be
8000+6000 = 14,000 rubles.
The total cost of the loan is 14,000 * 60 = 840,000 rubles.
Example 2
The customer buys a car for 350,000 rubles. The banking program does not provide for the payment of the down payment. The loan term is 24 months, and the interest rate is 19% per annum.
The loan amount under given conditions is 350,000 rubles.
The amount of the monthly payment on the main borrowed funds -
Sv \u003d 350000/24 \u003d 14,584 rubles.
The amount of accrued interest -
Svpp \u003d 350000 * 0.19 / 12 \u003d 5,542 rubles.
Monthly payment -
14584+5542 = 20,126 rubles
The loan cost will be
20 126 * 24 \u003d 483 024 rubles.
How to calculate a car loan online
In order not to make complex calculations using the formula, you can use the calculator located on the official website of the selected credit institution.
at Setelem Bank
Cetelem Bank offers its customers many different programs. When entering the initial data in a given form, the program will automatically determine the list of available offers and calculate the cost of a car loan.
For example, suppose the purchase of a new car worth 500 000 rubles. In this case, the amount of the initial payment is 100 000 rubles. The client intends to receive a loan for a period of 5 years.
Under the given conditions, Cetelem Bank can offer the following programs:
For example, the "Partner Promo" car loan is issued at an interest rate of 15.5% per annum.
Wherein monthly payment will be 9620 rubles, and the loan repayment will be 177 211 rubles, that is, the total cost of a car loan will be
500,000 + 177,211 = 677,211 rubles.
at Rusfinance Bank
Rusfinance Bank also offers several customer car loan programs, among which are:
- Fast and Furious ( cash issued for the purchase of a new car of foreign production);
- Dvizh Ok (you can buy a used foreign car under the program);
- Excellent opportunity (the program is designed for the purchase of new domestically produced cars);
- What you need (money is issued for the purchase of domestic used vehicles).
The car loan calculator located on the site takes into account all existing programs.
The initial data for the calculation are:
- type of car (new, used);
- car model;
- price;
- the size of the initial contribution;
- loan terms.
For example, a client purchases a Chery car, the cost of which is 460 000 rubles. Down payment – 20% or 92 000 rubles. Loan term is 36 months.
The client will be offered special program- Chery Finance, the interest rate of which is 20% per annum. The monthly payment will be 13 676 rubles.
The cost of a car loan will be
13676*36=492 336 rubles.
At Gazprombank
With the help of a car loan from Gazprombank, you can purchase new and used cars of foreign or domestic production. Credit organisation also has the right to issue auto loans, taking into account the state subsidy program.
Interest rates on loans vary from 10.5% to 16.5% per annum.
Using online calculator need information about:
- the cost of vehicles;
- availability of own funds that will be required to pay the initial fee;
- loan term;
- interest rate;
- type of desired monthly payment (annuity, differentiated);
- date of commencement of payments.
For example, in October 2019, a vehicle worth 850,000 rubles. To pay the down payment, there are own funds in the amount of 250 000 rubles.
It is assumed that the loan will be received for 48 months, and the payment of monthly payments will be made in an annuity way at a rate of 13.5% per annum. Payments start in November 2019.
As a result of the calculation, the following data were obtained:
At Raiffeisenbank
Raiffeisenbank offers special conditions lending for:
- clients receiving wages on a bank card;
- customers who are employees of partner organizations.
When calculating the cost of a loan online, you must determine:
- region of residence of the client;
- loan program;
- loan amount;
- loan terms;
- availability of financial protection;
- the first month of debt repayment.
For example, a car worth 650,000 rubles is purchased entirely at the expense of borrowed funds. It is planned to pay the debt within 60 months.
A borrower residing in the Moscow region does not belong to special categories of citizens who can count on individual conditions. financial protection is present.
Under the given conditions, the following results are obtained:
This offer includes life insurance for the borrower for the entire term of the loan. However, life insurance is not mandatory, and this aspect will help reduce the overall cost of the loan by 87 230 rubles.
How to find out the amount of payments
All online programs for calculating the cost of a car loan automatically determine the amount of the monthly payment, which consists of the following components:
- a certain amount, which is credited towards the repayment of the principal debt. Most often, the parameter is defined as the ratio total amount loan to the number of months of payment. For example, with a loan amount of 200,000 rubles received for 24 months, 200,000/24 = 8333.33 rubles will be sent to pay off the main part of the debt;
- the amount of interest accrued for a certain period of use. The amount of interest is accrued on the balance of fixed assets of the loan debt.
If you decide to buy a car on credit, the calculator for calculating a car loan will definitely come in handy. On the Internet today there are many different loan calculators that will help you make the necessary calculations for a car loan for both new and used cars.
Why is it needed car loan calculator? First of all, to get an idea of the size of the monthly payment. Its value depends on many parameters, some of which you can set yourself. In particular, when buying a car, the loan calculator necessarily takes into account the amount of the down payment that you are willing to make. As a rule, the interest rate on a loan is set the lower, the more own funds will be deposited initially. Some banks issue a car loan without a down payment, in this case, enter the value "0" into the calculator by entering it in the appropriate field.
In addition to the down payment, when calculating a car loan, you must fill in the fields about the cost of the car and the desired loan term. Usually this data is enough to calculate a car loan on a calculator.
However, today the programs of banks differ not only in the size of the amount, the term of lending or down payment. To calculate a car loan, the calculator must also take into account the borrower's desire to insure or not insure his car under CASCO. Often, the borrower is forced to pay for the purchase of a CASCO policy out of his own pocket. But some financial institutions allow you to include the cost of the policy in the loan amount. If the bank, issuing a car loan, provides such an opportunity, the calculator will recalculate the monthly payment, taking into account insurance. After calculating the parameters, you can leave an online application on the bank's website.
Calculating a car loan online is not necessary to do it yourself. If you do not want to delve into the detailed conditions of the program, you can calculate a car loan at a bank branch, a car dealership or by calling the contact phone financial institution. Wherever you decide to apply, an employee of the selected bank will help you calculate a loan for a car. Be prepared to share your salary and marital status. Credit history in other banks will also play a role. The more reliable data you provide to the employee, the more accurate the result will be. loan calculator, and a car loan with the conditions that are right for you will finally be found.
Regardless of whether you make the necessary calculations yourself or seek help from a bank specialist, when applying for a car loan, the calculator will be useful to you and will help you get an approximate idea of the amount of the monthly payment, assess your financial burden, and also choose the most profitable calculation.
The new Sberbank car loan calculator or car loan calculator is universal calculator car loans, designed for online calculation of a car loan at Sberbank, and also calculates car loans from other banks.
Car loans, conditions and interest rates in 2019
Currently, Sberbank of Russia offers one car loan program, below are car loan conditions and interest rates for 2019.
MAIN TERMS OF A CAR LOAN IN SBERBANK:
* In Sberbank, you can get a car loan without a down payment, without a certificate of income and employment according to two documents, subject to a down payment of 50%.
Car loan with state support 2019 - a list of cars
Car loan with state support, according to the program concessional lending, in Sberbank it is possible to issue only for a new domestic car or a foreign car, subject to the assembly of the car on the territory Russian Federation. Sberbank does not provide car loans for used used cars.
CONDITIONS OF PREFERENT CAR LOANS IN 2019-2020
* To get a car loan with state support, it is necessary to have driver's license and the absence of contracts concluded during the year for the purchase of other cars on credit.
The program of preferential car loans (car loans with state support), by decision of the Russian government, has been extended until 2020. Inhabitants Far East will receive an increased discount - up to 25% of the cost of the purchased car. Overall volume financing of the program - 15 billion rubles.
FOR CONCLUDING A LOAN AGREEMENT YOU SHOULD PROVIDE:
- Contract of sale of the purchased vehicle (TC);
- Payment document of a car dealership for payment for the purchased vehicle;
- A copy of the vehicle passport (PTS);
- Insurance policy / insurance contract against the risks of loss, theft and damage;
- A document confirming the payment by the borrower/co-borrower of the down payment;
- A document confirming the payment of the insurance premium (except for cases of inclusion in a loan);
- Invoice for payment of the insurance premium (if the insurance premium is included in the loan amount).
* Before applying for a car loan to a bank, we advise you to familiarize yourself with the terms and conditions online.
Credit products of Sberbank of Russia
- Credit cards
- Offers for business
- Offers for pensioners
Loan calculators
* Information on the site is not a public offer! The results of the calculation may differ slightly from the data provided by the bank when applying for a loan. Detailed information check with the branches of the Security Council of the Russian Federation.
Reading time: 7 minutes
Taking out a loan is one of the popular options for becoming a motor vehicle owner. After all, with its help, you can buy an iron horse much faster than regularly saving money. But there is no need to rush to the bank. First, it is recommended to analyze your financial opportunities so that a hasty decision does not lead to big trouble in the future. How to calculate a car loan and what you need for this will be discussed in this article.
The concept of a car loan
You can buy a car on credit in almost every bank. Since this is one of the most common lending programs, which also enjoys great interest among individuals. A car loan is a target banking product. That is, the money is transferred by bank transfer to the account of the seller of the vehicle. 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, as well as other conditions.
- The term of the contract 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 of values \u200b\u200bare very diverse. The average car loan fee is in the range of 7 to 12% per annum.
- Collateral - usually a car is pledged, which is purchased for credit money.
- Insurance – CASCO is almost always required, OSAGO is mandatory, and sometimes personal insurance.
What information is needed to calculate
In order to choose the optimal lending conditions that will not create problems during debt servicing, it is recommended to independently calculate a car loan. For an approximate calculation potential borrower you need to know all the parameters of the loan program, namely:
- car cost;
- 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 a down payment in the conditions. This parameter directly affects the amount of financing - the larger it is, the smaller the loan amount. The mandatory amount of the down payment is indicated as a percentage of the cost of the car. That is, if the terms of the program indicate 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 digital value, the monthly payment on the car loan will be calculated.
Calculation of a loan without an advance payment
To make buying a car more affordable, vehicle sellers, together with banks, 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 zero, and the loan amount - the full 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 price of a loan for a borrower is determined by the level of the interest rate. Therefore, often car dealerships, together with banks, hold various promotions, under the terms of which you can take a car on credit at a car dealership at a very low interest. As well as advantageous 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 penalties for non-fulfillment of certain conditions - for example, due to the lack of a personal insurance or CASCO contract, the loan fee 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 influence the amount of the monthly payment:
- amount of credit;
- interest rate;
- term of the contract;
- repayment schedule - annuity or classic.
The formula for calculating a car loan using a standard schedule is simpler than using 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 interest is 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.
To calculate the payment according to the annuity schedule, the following formula is used:
S = Kr * k, where
Kr – loan amount,
k - 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:
- down payment - 15%;
- interest rate - 12.5%;
- loan term - 7 years.
First you need to determine the amount of the loan. 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: 680000 / 84 = 8095.24 rubles;
- interest: 680000 * 12.5% / 12 = 7083.33 rubles.
As a result, the monthly payment will be 15178.57 rubles.
Now, on the same conditions, we calculate the monthly payment according to the annuity schedule. First you need to find the monthly interest rate: 0.125 / 12 = 0.010417.
We multiply the resulting value by the loan amount and get 12186.44 rubles. This is the size of the monthly payment under the annuity repayment scheme.
As you can see, the monthly payment according to the annuity schedule is less than according to the classical one. But it will remain so until the end of the contract, but according to the classic payment, it decreases every month.
How to calculate car loan payment online
Today, it is not necessary to calculate a car loan payment 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 on a car loan, taking into account the parameters of the loan 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:
- car cost;
- loan terms;
- the amount of the down payment.
In most cases, the interest rate does not need to be specified, it is automatically adjusted taking into account the terms of the loan. The following factors can influence its size:
- availability of personal insurance;
- client category;
- car condition.
How to find out the amount of the monthly payment
Calculating the monthly payment on a car loan using an online calculator is easy, you just need to fill in the appropriate fields. Considering that the majority credit programs provides 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. A loan manager, when drawing up a loan schedule, will take into account all the nuances of the transaction, such as the category of the client, the amount of the down payment, the availability of information on income, the loan term, and will make the correct calculation. If the result obtained satisfies the potential client, his income is quite enough to service the debt, you can safely apply for a car loan. It is desirable that the monthly loan costs 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 interest rate. Sometimes a small loan fee 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 required to take out personal insurance, which increases costs.
Therefore, in order to calculate the cost of a car loan, first of all, you need to find out the amount of accrued interest for the entire period of the contract. This information can be obtained from a bank statement. Then you need to find out about insurance rates: according to the CASCO policy, personal insurance. It is also important to take into account that life and car insurance will have to be annually until the end of the contract. These costs must also be added to the accrued interest.
Also, the borrower will be charged notary fees and bank commissions that may accompany the transaction.
After all costs are taken into account, it will be possible to determine by the final amount where it is better 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 expenses, and an online calculator will not help in this matter.
What to do to reduce loan costs
The amount of overpayment on the loan is mainly influenced by:
- amount of credit;
- interest rate;
- term of the contract.
The larger they are, the greater the overpayment. Therefore, in order to reduce car loan costs, all these parameters must be reduced. For example, when applying for a loan, it is desirable to pay a large amount down payment, take out 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 your loan costs with the help of private and full early repayment. In the presence of free money the borrower is advised to increase the amount of the monthly payment. Thus, it quickly reduces the balance on the body of the loan. As a result, the amount of accrued interest decreases and the period of use of the loan is reduced. And with full early repayment interest is charged only for the actual period of use of money.
In addition to interest, with early repayment, the borrower saves on insurance. After all, if he repays the loan earlier, he will no longer have to conclude insurance contracts.
Summing up
- car cost;
- maximum loan term;
- interest rate;
- the amount of the down payment.
Using this data, you can find out the size of the monthly payment in order to conclude how significantly the availability of a loan will affect family budget. You can make a preliminary calculation of the payment yourself on the bank's website using an online calculator. But the final one is better to do in a bank division - 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 a particular lender, a potential borrower needs to calculate not only the overpayment on the loan for the entire term of the agreement, but also take into account such additional expenses, as:
- 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 also to 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- more than 15 years.