If you want to get a new car loan, but don't want a high monthly payment, you can estimate your monthly payment with a new car loan calculator.

There are several ways to access a new car loan calculator. You can conduct an online search for calculators, or the dealership can estimate monthly payments for you. Using this calculator is simple and smart. Too often, consumers purchase new vehicles without weighing the cost. As a result, they purchase vehicles that are too expensive. Yet, it is important to keep new car costs low. For starters, you car payment might prevent a mortgage loan approval. Furthermore, if you default on the loan or make late payments, you'll damage your credit score.

With a new car loan calculator, simply provide the new car price, loan term, down payment, and estimated interest rate. There are ways to determine an estimated interest rate. If you have good credit, you'll likely receive an interest rate between 5 and 7 percent. On the other hand, if you have bad credit, the vehicle loan rate can range from 9 to 22 percent - it all depends on your situation.

Once you've included the numbers, the new car loan calculator will provide an estimated monthly payment based on the above figures.