It's clear that if you're a deep subprime borrower looking for a $300 monthly payment, a loan amount of $16,000 won't work. If you have your heart set on buying a car in that range, you'll either need to save up enough of a down payment to get your loan amount down to about $11,000 (which, at 21 percent interest, amounts to a monthly payment of about $299) or look for a less expensive car.
The problem with no down payment is that it can leave you in an upside-down situation with a car loan. If you want to sell your car, you could end up with a loss because you owe more than its
Use our car payment calculator to assess the amount of your monthly car payment. Every car shopper is unique and so are the many deals on new cars. Do your research and plug in all the variables. You'll need the price, trade-in values, and interest rates and/or rebates available on the vehicle, then our monthly car payment calculator will
Use Bank of America's auto loan calculator to determine your estimated monthly payments and your approximate rate for a new or used car loan. A higher score can help you secure a better interest rate—which means you'll have a lower monthly car payment. See how your credit score is calculated.
Shop new & used cars, research & compare models, find local dealers/sellers, calculate payments, value your car, sell/trade in your car & more at Cars.com.
Estimate your monthly payments with Cars.com's car loan calculator and see how factors like loan term, down payment and interest rate affect payments.