It can be difficult to come up with a budget to fit all of your needs. If it’s time to buy a vehicle and you’re wondering how much your monthly payment should be, look no further. We’ve got the tools you need to budget for your next car loan.

Calculating Your Monthly Car Loan Payment

Calculate How Much You Should be Paying for Your Car LoanWhile it’s recommended you wait to find financing first before picking a car if you're dealing with bad credit, our car loan payment calculator can help if you have an idea of what type of vehicle you’ll need. You can see an estimate of how much you’ll be spending per month on your next vehicle. What you’ll need is the price of the car, your down payment, an estimated interest rate (APR), and loan term.

If you aren’t sure what your APR will be, the average interest rate for car buyers with credit scores lower than 590 in 2017 was 15.24 percent, according to ValuePenguin. The better your credit score, the better the interest rate you’ll most likely be offered.

Use Our Car Loan Estimator

To dig even further into your next auto loan, our car loan estimator is a great tool to use once you have most of your numbers crunched. After you’ve calculated the monthly payment, you can plug that number in the estimator. Make sure you know where your credit stands, and select the right credit profile. Where this can get tricky is calculating your monthly bills. Lenders consider your monthly bills by calculating your debt to income ratio (DTI). This ratio helps them understand your available income and determine how much of a car loan you are able to afford.

You’ll need your monthly rent or mortgage amount, any garnishments, other loan payments, and minimum credit card payments. What you won’t need are your utility bills or current car payment, as you’ll probably be trading it in. Double check these amounts, and put in the correct numbers.

Bottom Line

If you’ve been thinking of applying for an auto loan but worry you won’t be able to fit it into your budget, these tools can help you plan for success. And if you're looking for a dealership that can get you financed, Auto Credit Express wants to help.

We've teamed up with a network of dealerships that have the lending connections you need to get a subprime auto loan. Our cost- and obligation-free service can match you with a dealer in your area. All you need to do to get started is fill out our secure auto loan request form online.