What Will My Car Payment Be?

January 9th, 2019 by

A new car payment. It’s not something you anticipated for the new year, but then your go-to car finally died. As you start to daydream about all the new cars you want to test-drive, a thought pops in your head: “What will my new car payment be?”

If you want to know what your possible new payment might be, read on.

Payment calculator, car payment


Car payments are based on many factors, like interest rate and loan terms. 


What Goes Into My Car Payment?Payment calculator, car payment

Before we get into what you could pay and where to calculate that, lets first go into the makeup of a car payment. As you might already know from previous cars, a typical payment is based on:

  • Vehicle price
  • Interest rate
  • Loan term
  • Down payment
  • Trade-in value

While all of this helps determine what you might pay each month, there are a few things to consider.


It’s not impossible to buy a car with bad credit.


The first is your credit score. Unfortunately, the lower your credit score is the higher your interest rate will be.  That’s why it’s important to research your credit score to avoid buying a car on bad credit.

We’re not saying it’s impossible or that you can’t buy a car with bad credit. At Dan Cummins we have many specialists to help you. But if you want a high-end model with all the extras, it’s best to know your credit score.

Think Beyond Monthly PaymentPayment calculator, car payment

Another factor that affects your car payment is the loan term. This means the loan’s duration. The longer your loan is, the smaller your monthly payment will be. This might seem like a great idea at first, but longer loan payments don’t mean you’re paying less. In fact, when you factor in interest, you could be paying more.

For instance, let’s say you’re looking at a 2019 Chevrolet Malibu. The starting price is around 20K. Your interest rate is about 4.9% and you’re putting $0 down. To keep the payments low you opt for a loan that’s 84 months.  The car payment, interest and all, is $282 a month.

Sounds great, right? Of course, it does! But by the end of the loan, your interest could total about $3,688. However, if you opt for a shorter loan term, say, 36 months, the total interest you pay drops to about $1,564. That’s well under half of the first amount.

“But wouldn’t that make my car payments jump up?” Yes, it would, but the complete amount you pay for the Malibu would be less overall.


Use services like Kelly Blue Book and Consumer Reports to see what others have paid.


Payment calculator, car payment

Ways to Lower PaymentsPayment calculator, car payment

If you have your mind set on lower payments (we don’t blame you), here are a few things you can do. First, try to put down as much as you can. The general rule of thumb is about 20% of the car’s worth. If we went with the Malibu from before, the down payment would be about $5,000.

“What if I have less than that?”

Good question! While 20% is ideal, it’s fine to come in with less than that. As long as your putting down something your car payments will be less than if you put down nothing.

Second, see what others have paid for the model you want. How? By using Consumer Reports Car Buying Service. All you do is plug in the car you want, your zip code, and it will tell you what others in your area have paid.


See what you could pay with Dan Cummins car payment calculator.


You can also do the same with Kelly Blue Book. The bonus of using Kelly Blue Book is that you can customize your search beyond make and model. That way, you can see what others have paid for the exact model you want that has the exact extras you want.

“Okay, this is great and all, but how can I really see what my monthly car payment could be? We hear you. If you want to get a clear look at what your car payment might be, check out Dan Cummins Car Payment Calculator. All you have to do is plug in some information such as car price, interest rate, loan term, and down payment or trade-in. Press the calculate button and you’ll get a pretty good idea of your car payment.

Contact Dan Cummins to See What Your Car Payment is Today!

See how you can afford your dream car with Dan Cummins. To find out which car meets your requirements, talk to our friendly staff. Leave a message or call us at 877-661-2805Click here to apply for auto financing and get pre-approved in seconds.

Payment calculator, car payment

What Will My Car Payment Be? | Dan Cummins Chevrolet & Buick – Louisville, KY