Financial Calculators

Please try our wide variety of interactive financial problem solvers. Simply enter your criteria and you'll get your questions answered with dynamic graphs and personalized reports.

Calculators > Auto

Leasing has become a very popular method of acquiring a new auto. Although the payments may seem attractive, it may not always be the best financial decision versus purchasing the vehicle outright and financing it with a low interest loan.
At first glance, 0% financing appears to be the best option when purchasing an auto. However, if you choose to finance through a bank or credit union you may be eligible for a dealer rebate.
Many factors go into determining the final loan amount for the purchase of a new or used vehicle. These factors include any manufacturer's rebate, the trade-in value of your old vehicle less any outstanding balance, your down payment, etc.
It may make financial sense for you to sell your current vehicle and purchase one with better gas mileage. Taking into account the monthly savings at the pump, the financial question is how many months will it take you to recover the out-of-pocket costs you incur with the purchase of a new vehicle.
By making a small additional monthly payment toward principal, you can greatly accelerate the term of your auto loan and, thereby, realize tremendous savings in interest payments.
Experts suggest that you should not allocate more than 20% of your take-home pay towards monthly auto payments. The down payment, interest rate, and term of your loan will also determine how much you can afford to buy.
Without increasing the term remaining on your existing loan, you will be able to save interest with a new loan at a lower rate.
With interest rates at record lows, it may make sense for you to investigate whether or not refinancing your auto loan could save you some money. Adjusting the term of your existing auto loan may also make a big difference in your monthly loan payment.

Get In Touch

We would like to hear from you! Please complete this form and let us know how Alan Irvin CPA LLC can assist you with your tax needs.

Thank you for visiting.

We look forward to working with you!

Alan Irvin CPA LLC

725 Cool Springs Blvd.
Suite 600

Franklin, TN 37067


Get Directions

P.O. Box 683004
Franklin, TN 37068

T: (615) 878-9230
E: info@alanirvincpa.com

Hours:
M-F 8:30 - 4:30
Evenings and weekends by appointment

© 2021

Search  Site Map  Privacy Policy  Disclaimer
Back to top
Image of Lobby

Get In Touch

Client Portal Login

Subscribe to our Newsletter