{"id":352707,"date":"2021-08-09T06:00:50","date_gmt":"2021-08-09T12:00:50","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=352707"},"modified":"2021-10-21T16:20:50","modified_gmt":"2021-10-21T22:20:50","slug":"using-microsoft-excel-to-estimate-your-monthly-car-payment","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/finance\/using-microsoft-excel-to-estimate-your-monthly-car-payment\/","title":{"rendered":"Using Microsoft Excel to estimate your car payments"},"content":{"rendered":"\n
\"car<\/figure>\n\n\n\n

Disclosure regarding our editorial content standards.<\/a><\/p>\n\n\n\n

Car loans<\/a> are never going to cost you only the list price of the vehicle you\u2019re purchasing divided by the amount of months you have to pay it off. Instead, the actual amount you\u2019re paying depends on one thing: interest\u2014which is basically the bank\u2019s profit for the loan collected over time.<\/p>\n\n\n\n

It\u2019s important to remember that banks don\u2019t offer loans as a public service. If it weren\u2019t for the interest charged by lenders, they wouldn\u2019t have an incentive to offer loans, and you might not be able to buy things, like your dream car, as a result. With that said, though, it\u2019s important to be smart about how much you\u2019re paying the bank, and here\u2019s one way to do just that.<\/p>\n\n\n\n

First, remember that the higher the interest you pay, the more you\u2019ll end up paying over the lifetime of the loan. However, it doesn\u2019t take a financial wizard to calculate what your loan payment will actually be. If you\u2019re shopping for a car<\/a> online and want to quickly run the numbers on your monthly payment, it\u2019s a good idea to go ahead and do so.<\/p>\n\n\n\n

Estimating your monthly car payments<\/h2>\n\n\n\n

Luckily, you can very easily calculate your monthly payment, including interest, in Excel. There are many online payment calculators available as well\u2014you may want to double-check their work using these steps.<\/p>\n\n\n\n

This formula does not include things such as tag and title fees, destination charges, etc. It is a tool to give you a basic estimate of the cost of your loan.<\/p>\n\n\n\n

Follow these steps to calculate your monthly car payment in Excel:<\/p>\n\n\n\n

1. Open a new Excel worksheet.<\/p>\n\n\n\n

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2. Enter the variables for your specific loan:<\/p>\n\n\n\n