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Negative Equity Auto Loan Payment Calculator
If you are owed more on your vehicle than it’s worth, you’re dealing with negative equity. This calculator will help you estimate the amount of your car’s costs if you choose to transfer your equity from negative to the form of a new loan.
How do you use this calculator? To access this calculator just enter the remaining balance from the loan you have to make payments on, as well as the total amount that you borrowed from the new loan, the loan duration and the loan . You will now be able to calculate the monthly payments you are expected to make as well as the total principal and interest paid. If you’re interested in knowing how the extra payments affect your expenses, you are able to add them in as well. Doing so will adjust the monthly payment and total interest paid accordingly. What is negative equity? Negative equity, also called ” ” — is when you are liable for more to your vehicle loan than the vehicle is worth. While this isn’t necessarily the most ideal scenario for an auto loan holder, it does make vehicle trade-in and future auto loan approval difficult. Use this calculator to comprehend your monthly payment so that you can best grasp what amount you owe would affect the total cost of the new loan. You might want to consider making additional payments, or increasing the amount of your down payment, or your loan prior to purchasing something new to cut down on the amount of extra interest you’d have to pay.
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