If you are looking to purchase a new or used car then you know that financing the car is something to think about. Whether you are going to purchase a car in full or use monthly payments to pay for you car, you need to know how you fill finance your vehicle.
Thankfully, Carmax.com has an easy to use payment estimator that will help you determine the best method for financing your car. The following article will explain the simple steps is takes to use the car payment estimator at Carmax.com
Things You'll Need
- Desire to purchase a new or used car at Carmax
- Internet Connection
First, you need to visit www.carmax.com and stop once you get the homepage.
Next, click on the tab at the top of the page called "Financing"
This will take you to a whole new section of the website that is about financing and payment options that are available at Carmax.
After you reach the financing page, click on the link called "Payment Estimator" if you wish to calculate how much your monthly payments will be.
This is a great tool if you have a car and price in mind and you are curious how much your monthly payments will be for different contract periods and different interest rates.
Next, fill out the required information including car price, interest rate, down payment amount, and contract length and then click "Calculate"
You will see a chart that pops up giving you all sorts of information regarding monthly car payments for different length contracts.
After that, go back to the main "Finance" page that you were at before at Carmax.com
Now click "Affordibility Calculator" to how much money you can spend on a car given your desired monthly payments.
On the next page, enter your desired monthly payments, down payment amount, interest rate, and contract length and click "Calculate".
The chart that shows up will be a breakdown of different prices that you can afford given different contract lengths.
Finally, compare the information given in the two calculations that you just performed. You will want to see how much you can afford compared to how much monthly payments will actually be.
The tools at Carmax.com can go a long way in helping you search for the perfect new or used car.
Tips & Warnings
- Use multiple calculators to compare different scenarios
- Figure out financing well before you get too far into your car search
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