#Auto loan payment calculator drivers#

However, it is important to calculate the expected costs before agreeing to one over the other. If you don’t qualify for a 0 percent APR deal, it’s likely an auto rebate will save you more money. The better choice depends on the price of the vehicle, the amount of the rebate and the interest rate. Combining a rebate with a bank or credit union car loan may provide a lower initial loan balance and, in many cases, a lower monthly payment. However, only those with excellent credit qualify.ĭealers or manufacturers often offer rebates or low-interest financing, but rarely both.

#Auto loan payment calculator drivers#

A common form of low-interest financing is 0 percent APR deals, which allow drivers to borrow money for free. Low-interest financing, on the other hand, means that you finance the full cost - minus your down payment - but you pay less interest over the life of the loan.Its main benefit is lowering your total loan amount because it will likely be applied to your down payment. A rebate is an incentive that will give you money back in exchange for the vehicle purchase.You can also compare different loan scenarios and apply online in minutes. Use our car loans calculator to estimate your monthly payments, interest rate, and total cost of borrowing.

low-interest auto loan is best for your needs. Whether you are buying a new or used car, or refinancing your existing vehicle loan, RBC Royal Bank can help you with a car loan that suits your budget and needs. This car payment calculator will help you decide whether a rebate vs. While an auto loan rebate and low-interest financing both save you money, they do so differently. Low-Interest Car Payment Comparison Calculator.