Loan Calculator
-
Interest Rate
-
Loan Term
-
Purchase Price
-
Down Payment
Definitions and Explanations
Interest Rate:
The periodic charge, expressed as a percentage, for the use of credit.
Loan Term:
The length of time that it will take to repay the loan. Typical loan terms are 60 to 180 months. Other terms may be available. Term length has a larger impact on the monthly payment and the final amount repaid than interest rates.
Purchase price:
The amount of money agreed upon by both parties as the value of the item for sale.
Down Payment:
The up-front cash payment that the buyer makes to reduce the amount borrowed to purchase a vehicle; the difference between the loan amount and the purchase price. A rebate also may be used as part of down payment. The down payment helps protect the bank, credit union or finance company in case the borrower defaults on the loan. A typical down payment is about 33 percent of the vehicle’s sale price.
Disclaimer:
This calculator is meant to help estimate what monthly costs could be and is not intended to be used for actual cost figures. Talk to you bank or lending company to obtain actual lending costs and fees.
All vehicles subject to prior sale.
Coyote Classics and its affiliates will not be held responsible for typographical errors.
All site content and images © Copyright 2005-2009 by Coyote Classics.