In any individual’s life, buying a car is an important and big decision. Knowing some first-level information about the car loan that you are planning to avail is always a welcome move. The car loan repayment calculator found online are useful tool to let you know all the ground details that are required to plan your car finance. This online tool takes in loan related basic parameters and processes them to yield the repayment schedule as well as the monthly repayment amount that you will need to pay.
How to calculate Car Loan Repayment using Online Car Loan Calculator
Just a few steps of feeding in the raw data in the form of loan amount, loan tenure, interest rate as well as the applicable processing charges is enough to let you know all the first level information that is required while making an informed choice of car loan.
- Input your desired car loan amount by adjusting the loan amount slider. For e.g. move the slider to RM.10L if that is the loan amount you are planning to apply for.
- Fill in your desired loan tenure by adjusting the slider for loan tenure. For e.g. you can set the slider to 5 years if that is your preferred loan tenure. A loan tenure between 5-9 years is what most banks generally offer on car loans in Malaysia.
- Input the corresponding rate of interest on your car loan.
- Input the appropriate processing fee on your car loan.
- Finally, click on the ‘Calculate’ button to see your monthly installment for car loan. You will also be shown an ‘Amortization Table’ which lists out a probable pattern of your loan repayment and displays it in a graphical format is easy to understand and has all the relevant aspects like total interest payable, payment timelines, outstanding loan balance and so on.
Advantages of using Car Loan Repayment Calculator
Following are some of the benefits of using the online car loan repayment calculator-
- It is advantageous to know beforehand, how much of your monthly income will go into loan repayments. Car loan calculator will let you know your tentative car loan monthly installment so that you can plan and manage your finances, better.
- By adjusting parameters like loan amount and loan tenure in the car loan repayment calculator, you can find out that optimum value of monthly repayment which is most likely to suit your pocket.
- Although, loan processing charges are never in the hands of the customer and are at the sole discretion of the bank, you can fill in processing charges offered by various banks to know which bank to go to, for your car loan.
- The amortization table furnished by the loan repayment calculator, lets you know your repayment schedule which is useful in enabling you to plan your future finances accordingly.
An amortization table for car loan is a depiction of periodic payment details of the loan. This table is an illustrated summary of loan repayment; it represents repayment years alongside the subsequent monthly loan repayments as well as against the loan amount remaining, at different points of time. Amortization is the process of paying off a loan or mortgage.
Car Loan Interest Rate Malaysia
AmBank Car Loan- 3.28%
Public Bank Car Loan- 3.30%
Maybank Car Loan- 3.22%
Affin Bank Car Loan- 3.18%
RHB Car Loan- 3.01%