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Not Every Auto Loan Calculator Is Trustworthy. Here’s Why

Not Every Auto Loan Calculator Is Trustworthy. Here’s Why

It’s totally understandable. You’re buying a new Acura – at least, you want to – but you need to know what it’s going to cost you. And since you’re not paying the whole purchase price for your MDX, RDX, or ILX in cash money, you probably want to know what it’s going to cost you monthly. You might prefer bi-weekly or semi-monthly payments also, and that’s no problem. In any case, you want to consult an auto loan calculator.

But not every auto loan calculator is created equal. In fact, many are meant to give you results and options that can be manipulated however you want. It’s a problem.

Issues with Auto Loan Calculators

Incomplete Calculations

Some auto loan calculators don’t take everything into consideration. You may only have the option to input a down payment, not a trade-in. Since there’s a slight tax break with a trade-in, you won’t get the true result on the calculator.

Abstract Numbers

Other loan calculators give you the option to input your trade-in value as you see fit. But what you think your car is worth and its true value are usually different. You’ll want to use an auto loan calculator that gives you trade-in valuations in a somewhat accurate fashion. Otherwise, you’re setting yourself up for disappointment.

Which Interest Rate Do You Choose?

The calculators at the bank are bad for this. You have to select your interest rate from a list, but it could be a rate you don’t qualify for. Or, you might have the option for a subvented rate through the manufacturer, and the bank can’t reflect this. It can dramatically change your true payment amount, either making it more affordable or putting it out of reach.

How Much Do You Qualify for?

An auto loan calculator can’t tell you how much you can borrow for your car loan, but rather just give you a decent idea of the payments you can expect. Only a credit application will tell you how much you’re qualified to borrow for your Acura car loan.

When you’re looking for accurate payments for your Acura, leave the other calculators behind. Estimate your payments with the Acura online auto loan calculator for the most accurate information possible. Or better yet, visit Jay Wolfe Acura in Kansas City to get pre-approved for your Acura car loan today!

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