Currently, car lending in Russia is gaining momentum. A loan for an "iron horse" can be obtained both at the bank's office and in the car dealer's salon. As a rule, a loan is calculated by bank employees or through a special loan calculator, but it only shows a preliminary payment schedule. How is a car loan calculated?
It is necessary
- calculator
- access to the Internet
- bank rates
- information about the cost of the selected car
Instructions
Step 1
Determine the amount of the initial debt A car loan includes the cost of the selected car, taking into account the interest for using the loan at a certain time. Therefore, the first component of a car loan is the principal amount, which is equated to the cost of transport. If the borrower wishes to pay the first installment immediately, then the amount of the first installment is deducted from the cost of the car. The rest will be the principal amount.
Step 2
Calculate the amount of monthly interest The principal debt is "signed" for the number of months (years) for which the loan is issued. As a rule, a car loan is paid in differentiated payments, which decrease every month. In this case, interest will be calculated on a monthly basis and, accordingly, will decrease as the loan is repaid. If the car loan implies the payment of the debt in annuity (equal) payments, then the number of interest in each month will be the same. In this case, it is easier to calculate the interest, but the total cost of the loan will be higher.
Step 3
Add commissions and payments charged by the bank To the amount of the principal debt and the calculated interest, one-time commissions or compulsory payments are added (CASCO insurance, OSAGO, health insurance of the car owner and his life, commissions for maintaining an account, commissions for obtaining a loan and other payments provided for by a particular bank).
Step 4
Employees of credit institutions warn that it is better not to calculate car loan payments on your own. The borrower may not take into account all the parameters, because the amount of a car loan will depend not only on the term and the first installment, but also on the brand of the car (domestic or imported), the year of manufacture of the vehicle, as well as on a number of personal data of the potential borrower. Only bank employees or their representatives at points of sale can give an accurate and reliable calculation for a car loan, taking into account all the wishes of the borrower and the requirements for him to the banks.
