If you're looking to finance a new automobile, but you want to keep the payments low, use a new car loan calculator to determine how much you can afford to spend. Several finance websites feature a new car loan calculator. This is a great tool, and the calculators are pretty accurate.

Of course, to obtain an accurate payment amount, you'll need to know an interest rate. Auto loan rates vary. However, if you have good credit, you'll likely pay a rate between 5 and 6 percent. The average auto rate for bad credit applicants is 9 percent - sometimes higher.

Visit a website that features a new car loan calculator. Next, input the vehicle's invoice price, payment term, down payment (if applicable), and estimated interest rate. Once you enter the numbers, the payment calculator will provide an estimated monthly payment based on the information. As a result, you'll know whether a particular vehicle is within your means. Of course, the actual monthly payment may be slightly higher or lower. Still, an online new car loan calculator can offer a ballpark figure.