TRUCK LOAN CALCULATOR
Using a Truck Loan Calculator
When you’re buying a new truck, possibly tossing up between different manufacturers, different models, new or used – one of the main deciding factors is price. Sure there are a lot of other aspects to take into account, but what the truck is going to cost you, especially in monthly repayments is a big determining factor.
So having at least a rough idea of what your truck finance repayments might be BEFORE you commit to a purchase can be extremely helpful. Thanks to developments in web-based functionalities, that is a possibility with an online truck loan calculator.
Truck loan calculators are available on websites for many bank, finance companies and finance brokers.
The overall concept is fairly basic:-
- You enter a truck purchase price
- Enter the interest rate that that company advertises for truck loan
- Amount of any residual or balloon you would like.
- The loan term you would like to pay it off
- Click CALCULATE and you’re presented with a repayment estimate.
But in order to fully appreciate the benefits of such a calculator you need to understand how to use it most effectively and know its limitations.
- Great for comparing the range of difference between different truck purchase prices.
- Great for seeing how varying loan terms can change the monthly repayment.
- Great for seeing how varying balloon/residual changes the monthly repayment.
- Provides users with clarity in regard to proceeding with a truck purchase.
- Can be used from any device where you have internet connection so you can be planning your truck purchase at anytime from anywhere.
- The estimate calculated does not allow for any fees or charges that may be applied by your particular lender.
- Does not have the ability to factor in any aspects around your specific application – for better or for worse.
- Only to be used as a rough ballpark estimate.
- You can include an allowance for extras involved in the purchase, ie dealer charges, in the loan amount so you’re not out of pocket with these at time of purchase.
- The calculators are not an indication in any way of an offer, a quote or your application approval.
- The interest rate you actually be offered may differ from the daily rate advertised.