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.

We know where to access truck loan calculators so please get in touch with us for further information.