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Benefits of Using Used-Car Finance Calculator

benefits of using used-car finance calculator
Prakash Dubey, a senior government employee,  wants to buy a used car so that his wife can learn to drive. He has already found an ideal car online but wants to wait till he decides on a used-car loan. But first Prakash wants to know and compare the EMIs charged by different lenders before choosing one; an easy task that can be executed by a simple online tool a used car finance calculator. This tool allows you to calculate EMI options for a used-car loan, thus giving you the flexibility to choose a plan in terms of loan amount and tenure without impacting your monthly budget.

Features of a Used Car Finance Calculator
Quick and Simple: A second-hand car loan calculator is a very simple and handy tool. It can perform calculations quickly and provide an overview of used-car financing options available with different lenders in the market. The tool is designed in a way that you just need to input values in the relevant boxes and click enter; the answer will be on your screen within a few seconds.
  • Customised Calculation:  A second-hand car EMI calculator is not only a free tool but can be used as many times as you like. If you are seeking something specific in the loan plan such as the lowest interest rate but the current offer is not as per your wish, you can run additional computations. Just input the interest rate, loan tenure and loan amount to get the EMI amount. You can try different values for the loan amount and tenure to achieve your ideal EMI option before approaching a lender.
  • Provides Accuracy: Unlike manual calculations that are prone to errors, used car finance calculators consistently produce accurate results, just like your usual calculators. However, if you are sceptical of the results displayed on your electronic device’s screen, you can always re-calculate your favourable combination of loan amount and tenure manually. That would still save the time and effort invested in calculating different combinations manually.

Also Read: Quick Guide on Pre-Owned Car Financing
 
Benefits of Using Second Hand Car Loan EMI Calculator
  • Provides Break-up of the loan data: A second-hand car loan EMI calculator allows you to calculate the processing costs, total due amount, interest paid and the principal amount. Thereby, giving you a detailed breakdown of your loan data and assisting you in fully comprehending your loan.
  • Saves Time: The simplest way to find your monthly instalments is by using a second-hand car loan EMI calculator. It will save you a lot of time and work as you can avoid manually calculating the values using lengthy mathematical formulas. With the online tool, you just have to enter the required variables, click on the submit button and get the results within seconds.
  • Reliable: Calculating the EMI amount manually by using a mathematical formula is an error-prone process and any error or miscalculation in EMI can hurt your budget in the long run. Therefore, it is advisable to use a second-hand car loan calculator as it is reliable and always gives you exact figures on the spot.
  • Compare Lenders: Getting affordable used car finance rates is not an easy task as one must extensively research similar products available with different lenders before choosing one. However, by using a used car finance calculator, you can easily compare the EMI amounts with different lenders. This will help you in making an informed decision and choosing the right lender for your need.
  • Better Control Over Finances: The most important benefit of a used car finance calculator is that it allows you to have better control over your money. It gives you a fair idea of your monthly budget and how much you will have to pay towards your debt obligations each month. If you notice that your monthly expenses are increasing, you can decrease them quickly because you are aware of your EMI commitments.
  • Keeps Check on Your Loan Budget: A second-hand car loan calculator helps you in figuring out how much loan you can afford and how much you can settle on a down payment. As a result, it helps you to finance an appropriate loan amount that suits your pocket.  

Also Read: Points to Remember Before Taking a Used Car Loan
 
How to calculate car EMI using a used car calculator?
Using a used car loan EMI calculator to calculate your monthly EMIs is simple and quick. All you have to do is use the slider to enter the loan amount, interest rate and loan tenure. You can play around with the variables until you obtain the desired result.
 

 

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How does a second-hand car loan calculator work?
The mathematical formula for determining the loan EMI is:
P x R x (1+R)^N]/[(1+R)^N-1
Where,
P- Principal Amount
R- Rate of Interest
N- Loan Tenure
The second-hand car loan EMI calculator works on the same mathematical formula. However, from the borrower's perspective, they only need to enter the required input to get the desired output.

Also Read: All Your Car Loan Questions Answered

To Conclude
Owning a used car with a pre-owned car finance option is a simple process. And, using a customisable used car finance calculator, you can determine the exact principal amount, used car interest rate and EMI even before applying for the loan.
 


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Did You Know

Disbursement

The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.

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