Buying a new or used car can be exciting and scary. On one hand, you're thrilled to have a new set of wheels, and you can't wait to show off your car. On the other hand, you may feel a little nervous because the monthly payment is a little higher than expected.

Before financing a new or used car, you might consider using a new car loan calculator to determine affordability. Too often, people (young and old) finance automobiles they can't afford. Some people are able to re-shuffle their finances and make the car payment work. Then again, others are forced to sell their vehicle and purchase a cheaper car. If you want to avoid the latter, a new car loan calculator can be your best friend.

While a new car loan calculator will not provide an exact monthly payment, you can receive a rough estimate. You'll need to have information about the vehicle to complete the calculation. For example, what is the sale price? Loan term? Down payment? Interest rate? Once you have this information, enter the numbers in the appropriate field and calculate the estimated car payment.