Consumer Car Buying Advice Blog

If you’re in the market for a new or used car, it’s important to research the vehicle to make sure you get a good deal when you visit the dealer. Part of this research should include finding web sites that have tools to calculate auto loans.

Know your credit score

Unless this is the first time that you’ve shopped for a new or used car, you should know by now that it’s important to know your FICO score. This score, along with the information that appears on your credit report, will tell you if you’re qualified for a conventional loan or if you have to obtain a loan through a subprime lender. The dividing line for this is, generally, a score of 640. Above this score, you can usually get a conventional loan. Below this score, you’ll find that most conventional lenders will not approve you and you need to secure financing with a subprime lender. In addition to your score, however, you need to look at something else.

Know your budget

While your credit score will tell you what kind of loan you need, your budget will tell you what kind of payment you can afford. Once you know this, you can calculate how this payment translates into the price of the car. And while many web sites will let you research different vehicles, only a few will let you study the real nuts and bolts of car finance. One such web site is autocreditexpress.com.

How to use autocreditexpress.com as a research tool

Step One. The first step in your research is to determine what kind of loan you qualify for, given your FICO score. If you score is above 640, you can skip the first step. If you score is below 640, go to the web site and click on the RESOURCES button either at the top of the page or in the left-hand column. This takes you to the Auto Loans Resource Center. Here you can learn about the bad credit auto loan financing process. You can also view a series of videos that explain buy here pay here dealers, offer loan advice and educate you on the different types of bad credit auto loan websites.

Step Two. Now that you’re familiar with the loan process, go to the RESOURCES page and click on the Loan Estimate Worksheet link just below the Loan & Down Payment Estimator header. This will take you to a worksheet that’s actually two different loan calculators.

Begin by filling out the Income Factor worksheet. This will tell you the maximum loan amount you qualify for. The next step is to go to the Debt Factor portion of the worksheet and list your monthly expenses. This will tell you the disposable income that you have each month and give you an estimate of the maximum loan amount that this income qualifies you for.

In addition to these two sections, you can, among other things, research your credit profile, calculate a home equity versus auto loan as well as compare the interest you would pay with different loan terms using the Auto Loan Early Payoff calculator – all vital resources if you want to calculate auto loans.

And the last step?

Give Auto Credit Express a chance to earn your business.

For years, Auto Credit Express has been helping people with credit problems get approved for new and used car loans. Our affiliate dealers work with the leading subprime auto financing lenders to get you approved. Once you’re approved, each month you make your car payment you are taking a step toward rebuilding your credit score and reestablishing your financial future.

Unlike many other services, we belong to the Better Business Bureau and our online bad credit car application is SSL secured, ensuring the privacy of your personal information. Since our inception, we have processed over 1,000,000 online bad credit auto loans and closed over 1 Billion dollars in auto loans.

To begin the application process, click here.

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