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Benefits of using a car loan calculator

Buying a new car is an exciting experience, but the financial calculations can be intimidating, time-consuming and stressful. Using Bankrate.com's simple car loan calculator, you can quickly learn the basics of calculating car loans, and reap numerous benefits.

Save time. Without using a car loan calculator, it is extremely difficult to get an accurate calculation, not to mention time-consuming. The car loan calculators on Bankrate.com are very straightforward and will save you an ample amount of time.

Save money. When you know the numbers, or at least a few potential outcomes, you can easily judge the auto loan options that will suit your lifestyle. Make sure your monthly budget can handle the car payments. In the end, you will save money when you trust your car loan calculations.

Know your options. If the car dealer or bank offers an outrageous auto loan option, you will be able to spot it after using the auto loan calculator. Test dozens of options, write them down, and know exactly what options are best for you and your budget. Car dealers want you to pay a high interest rate, but your car loan knowledge will ultimately lead to a better deal.

Get a great deal. When all is said and done, make sure you get a great deal on your auto loan. As of March 2010, good interest rates are 6 percent to 8 percent. If the offer is much higher, try to negotiate, especially if you have good credit and a down payment of 15 percent to 20 percent. If your credit is bad, review Bankrate.com's "9 steps to a car loan on bad credit." You can calculate other down payment options using Bankrate.com's down payment calculator.

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