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Calculators > 汽车 Leasing has become a very popular method of acquiring a new auto. Although the payments may seem attractive, it may not always be the best financial decision versus purchasing the vehicle outright and financing it with a low interest loan.
At first glance, 0% financing appears to be the best option when purchasing an auto. However, if you choose to finance through a bank or credit union you may be eligible for a dealer rebate. Many factors go into determining the final loan amount for the purchase of a new or used vehicle. These factors include any manufacturer's rebate, the trade-in value of your old vehicle less any outstanding balance, your down payment, etc. It may make financial sense for you to sell your current vehicle and purchase one with better gas mileage. Taking into account the monthly savings at the pump, the financial question is how many months will it take you to recover the out-of-pocket costs you incur with the purchase of a new vehicle. By making a small additional monthly payment toward principal, you can greatly accelerate the term of your auto loan and, thereby, realize tremendous savings in interest payments. Experts suggest that you should not allocate more than 20% of your take-home pay towards monthly auto payments. The down payment, interest rate, and term of your loan will also determine how much you can afford to buy.
Without increasing the term remaining on your existing loan, you will be able to save interest with a new loan at a lower rate.
With interest rates at record lows, it may make sense for you to investigate whether or not refinancing your auto loan could save you some money. Adjusting the term of your existing auto loan may also make a big difference in your monthly loan payment.
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