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  • Auto Payment Comparison Spreadsheet

    Uploaded by

    Adam Rasch
    11 views4 pages
    This spreadsheet allows users to compare auto loan options based on monthly payment, sales price, or side-by-side loans. It calculates figures like amount financed, total cost, and interest paid for different interest rates, terms, down payments, and sales prices. The goal is to show buyers the "big picture" of the total price paid rather than focusing only on monthly payments. The spreadsheet aims to help buyers understand that just because they can afford monthly payments does not mean they should take on the debt.

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    Auto Payment

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    This spreadsheet allows users to compare auto loan options based on monthly payment, sales price, or side-by-side loans. It calculates figures like amount financed, total cost, and interest paid for different interest rates, terms, down payments, and sales prices. The goal is to show buyers the "big picture" of the total price paid rather than focusing only on monthly payments. The spreadsheet aims to help buyers understand that just because they can afford monthly payments does not mean they should take on the debt.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    11 views4 pages

    Auto Payment Comparison Spreadsheet

    Uploaded by

    Adam Rasch
    This spreadsheet allows users to compare auto loan options based on monthly payment, sales price, or side-by-side loans. It calculates figures like amount financed, total cost, and interest paid for different interest rates, terms, down payments, and sales prices. The goal is to show buyers the "big picture" of the total price paid rather than focusing only on monthly payments. The spreadsheet aims to help buyers understand that just because they can afford monthly payments does not mean they should take on the debt.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    Auto Payment Comparison Spreadsheet

    Version 2.0

    www.moneyspot.org

    It's a huge mistake to make: Most car buyers focus on their monthly payment rather than on the total amount they'll pay over the life of the loan. With this being the case, I built this spreadsheet to allow for a cross-section of loan variables (rates, terms, and sales prices) to calculate the figures at each payment level. Hopefully this will plainly show prospective borrowers just what's going on with the "big picture" of TOTAL PRICE PAID for various payment alternatives! And remember: Just because you CAN borrow the money doesn't mean you SHOULD. DEBT-FREE is the way to be! Regards, Michael

    Interested in getting (and keeping!) the best loan rates? Check out my review of TrueCredit's credit-monitoring service at: http://www.mdmproofing.com/iym/reviews/true-credit-monitoring/

    Auto Payment Comparison Spreadsheet


    Option 1: Based on a desired payment, approximately what dollar amount can I finance? Desired Payment: Down Payment: YEARS or MONTHS INTEREST RATE YOU CAN FINANCE OF A SALES PRICE OF TOTAL INTEREST PAID $350.00 $2,500.00 3 36 6.700% $11,385.77 $13,885.77 $1,214.23 4 48 6.725% $14,694.23 $17,194.23 $2,105.77 5 60 7.000% $17,675.70 $20,175.70 $3,324.30 6 72 7.325% $20,342.34 $22,842.34 $4,857.66

    www.moneyspot.org

    7 84 7.900% $22,527.68 $25,027.68 $6,872.32

    Option 2: Based on a specific sales price, what might my payment be? Sales Price: Down Payment: YEARS or MONTHS INTEREST RATE MONTHLY PAYMENT TOTAL COST INTEREST PAID $20,575.00 $4,000.00 3 36 6.750% $509.90 $22,356.24 $1,781.24 4 48 7.000% $396.91 $23,051.63 $2,476.63 5 60 7.125% $329.18 $23,751.00 $3,176.00 6 72 7.500% $286.58 $24,634.02 $4,059.02 7 84 8.000% $258.34 $25,700.69 $5,125.69

    Option 3: Side-by-side comparison of two loans Loan #1 5.700% $17,000 $4,000 48 $303.52 $18,568.98 $1,568.98 Loan #2 6.125% $20,575 $4,000 60 $321.41 $23,284.33 $2,709.33 Difference $17.88 $4,715.34 $1,140.34

    Interest Rate (APR): Sales Price: Down Payment: Term (Months): MO. PAYMENT TOTAL COST INTEREST PAID

    ww.moneyspot.org

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