Take Advantage of Our Convenient Monthly Payment Calculator
A lot goes into budgeting for a vehicle purchase or lease. From estimating your trade-in value to saving up for a down payment, you'll have to factor in a few variables to get a clear picture of your car-shopping budget.
Fortunately, your local San Antonio Toyota dealer has a tool that can help.
Cavender Toyota offers a helpful online payment calculator tool. This simple resource allows shoppers to change variables like prices, down payments, and auto loan rates to see how they can affect minimum monthly payment amounts.
Understanding the Terms
There are a few variables that you can manipulate to calculate monthly payments. It's important to understand each one and how it affects the overall payment amount.
Price: This is the total cost of the vehicle -- a starting point for calculating monthly payments. This may not be the total sum of the loan, however, depending on whether you have a down payment.
Down Payment: Many car shoppers choose to put down a large payment at the time of purchase. This knocks off a chunk of the price and reduces the sum of the auto loan that the shopper must apply for.
A.P.R.: This term refers to the interest rate of your auto loan. Part of your payment every month will go to paying the annual interest on the loan. The interest rate can greatly affect your monthly payments and how long it takes to pay off the loan.
Term: The loan term is the length of time necessary to pay off the loan if only minimum monthly payments are made. Loan terms are typically referred to in months, ranging from as little as 12 months to as many as 84 months. The more months on the term, the lower the monthly payment and vice versa.
Calculate Your Monthly Payments
Now that you understand the variables at play, fell free to take some time to calculate some estimated monthly payments. You can use the information to help make a plan for your own auto loan.
Once you feel ready, you can submit your auto loan application here on our website. We'll send the application to Toyota Financial and other lenders to find the best offers available. Whether you're buying a new, certified, or used car, our finance team will be here to make sure you can find an affordable payment plan.