Automobile Loan Calculator
California Automobile Association (CAA) has released a calculator that helps you compare your current auto loan to the interest rate on your new car.
The calculator, created by Calzones Automotive Consulting, uses information from the state’s public records to give you an idea of how much you could save if you had a $1,000 down payment on your next car.
The calculator will also show you how much interest you could receive on your current car if you were to pay $1 per month in monthly payments on your loan.
To use the calculator, simply enter your current loan amount and payment amount.
Then enter your desired interest rate for your next vehicle.
Once you have entered your payment amount and interest rate, click “Next.”
The calculator will tell you if you have enough equity in your car to pay off your loan, and the calculator will automatically calculate the interest payment amount that will cover the difference between your current interest rate and the interest on your vehicle.
The CAA said it was created to help consumers and lenders make better decisions about how much to spend on a new car and what type of financing they would be interested in.
The CAA’s goal is to help the California auto industry and its consumers reach a “balanced approach” to financing their vehicles, the association said in a statement.
California currently has a median home value of $1.2 million, which is about the same as the median household income in California at $53,847.
The median price of a home is $2,735,000, according to the US Census Bureau.