Car Finance - Extra Repayments Calculator

The times are rough these days. Majority of car buyers would resort to financing their purchases. Good thing that there are lots of financial companies that would offer their services to those who need it. Finding the right company would take some time as there are many factors that are needed to be considered. But once you’ve chosen the right one, all that’s left is the repayment of the loan.

There are times that you might have extra cash laying around that you don’t know where to put. One of spending it is through extra repayments. This can save you not just money from interest payments but time as well. A car finance – extra repayments calculator could be used for this task. It would let you know the exact amount you’ll be saving and the time it would take off from the loan period.

Using the extra repayments calculator is easy. The user must simply input the loan amount, interest rate, loan term, and the repayment frequency. This could be weekly, fortnightly or monthly. Then the user must also enter his repayment details such as the extra contribution per payment and when the extra repayments will start.

Once all data is done, the car finance – extra repayments calculator would then automatically present the minimum monthly repayments, the increased monthly repayments, time saved, and the interest saved because of the extra repayments.

A graph will also be plotted to show the difference between the original monthly repayments and the new increased monthly repayments. There the user will see how the extra repayments would affect the length of the loan.

The car finance – extra repayments calculator is a good web tool that everyone on a car loan should use, especially if one is thinking of making extra repayments. It is one way of knowing how the extra repayments can affect the loan in general.


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