I wanted to share with you a link for an instructional video on how to calculate the cost of a car loan, as part of a Carmax SMART Action Plan example.
The car loan SMART Action Plan assignment can be found below:
1) Smart Action Plan for buying a used car exercise - use the spreadsheet from last week's homework to set up a SMART action plan for buying a used car of your liking that costs less than $7,000. Go to KBB.com to find your car as well as to determine its sale price. You can calculate the cost of the car loan by using either Bankrate.com's auto finance calculator or the KBB Auto Financing Calculator to calculate your total interest cost and monthly payments.
- When will you need to buy the car?
- What year, make and model of car did you select?
- Have you considered selling things on Ebay or on Craigslist to help save for a down-payment?
- How much money have you already saved towards a down-payment on the car?
- Will you have to get auto financing to help pay for the difference?
- Use the online auto loan calculators to figure out your monthly payments.
Input this information in the SMART Action Plan table.
Here is a sample SMART Action Plan for the purchase of a 2006 Chevy Malibu, with $2000 down and borrowing $4785 for 4 years (48 months).
Here is a sample SMART Action Plan for the purchase of a 2006 Chevy Malibu, with $2000 down and borrowing $4785 for 4 years (48 months).
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