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Car Payment Calculator
Before getting yourself in debt, it's important to leverage a Car Payment Calculator that helps you determine your monthly payment and the time it would take you to pay off your debt.
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CALCULATORRESULTSQ&A
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Loan Term (Months)
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- 72
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Interest Rate (APR)
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Cities with the Most Auto Loan Debt
*Highest Car Loan Debts = 99th Percentile
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UpvoteBetter to lease or buy
Reply
@jewelry_puppies0b
I think a lease would be better
1
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UpvotesHow long should it take to save up for a car?
Reply
Milvionne Chery Copeland
It can take anywhere from a few weeks to a year or longer to save up for a car, depending on factors such as your income, your expenses, and how aggressively you want to save. For example, if you're trying to save $5,000 for a down payment on a car and you can afford to put away $400 per month, it will take about a year.
How to Determine How Long It Will Take...
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UpvotesAsk the Experts
Buying a car isn’t as straightforward as making everyday purchases. The former involves multiple steps and requires prior research, a reasonable budget and some negotiating skills. But buying isn’t for everyone, either. For guidance on the proper way to purchase or lease a car, we asked a panel of experts for their thoughts on the following key questions:
- What are the most common mistakes people make when shopping for a car?
- In what circumstances is leasing a smarter option than buying?
- Generally, what percentage of take-home pay should go to car payments?
- What are your predictions for car sales in 2022? Should we expect to see an increase prompted by a lack of confidence in public transport, or less commuting due to more people working from home?
Bob Castaneda
Program Director for Walden University's College of Management and Technology
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Program Director for Walden University's College of Management and Technology
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Ron A. Rhoades
JD, CFP® – Director, Personal Financial Planning Program; Associate Professor – Finance, Gordon Ford College of Business – Western Kentucky University
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JD, CFP® – Director, Personal Financial Planning Program; Associate Professor – Finance, Gordon Ford College of Business – Western Kentucky University
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Vickie Hampton
Ph.D., CFP® – Retired Professor, Personal Financial Planning, School of Financial Planning – Texas Tech University
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Ph.D., CFP® – Retired Professor, Personal Financial Planning, School of Financial Planning – Texas Tech University
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Morteza Momeni
Ph.D. Candidate, Gatton College of Business and Economics – University of Kentucky
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Ph.D. Candidate, Gatton College of Business and Economics – University of Kentucky
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Rakesh Gupta
Associate Professor, Decision Sciences and Marketing, Robert B. Willumstad School of Business – Adelphi University
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Associate Professor, Decision Sciences and Marketing, Robert B. Willumstad School of Business – Adelphi University
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Dorothy M. Nuckols
MPH, AFC® – Financial Wellness Educator, Family and Consumer Sciences – University of Maryland Extension, Central Maryland
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MPH, AFC® – Financial Wellness Educator, Family and Consumer Sciences – University of Maryland Extension, Central Maryland
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