* These calculations are for reference purposes only. All figures are estimates only and are not guaranteed as accurate. Always consult a professional financial advisor.

Payment Calculator
A payment calculator is an important tool to use when being a savvy car shopper.  The payment calculator on this page is for car financing and not for car leasing.  We do offer a car leasing calculator which can be found on our new inventory pages.  Do you have a car to trade in?  We also offer a trade appraisal estimate tool which can be found on our new inventory pages and our used inventory pages.  The more car shopping tools you have at your fingertips, the less need you have to visit multiple dealerships in order to gather the information you need to make a car buying decision.

If you are using this payment calculator, or any other payment calculator for that matter, you are likely in one of two categories. 1) You have found the vehicle you have your heart set on buying and you need to make sure the payments make sense and that the car is affordable, or 2) You are unsure what price range you should be shopping in when looking at cars, because you first need to make sure you can afford the payments.  Either way, this payment calculator can help you achieve both of those goals. 

Price
The price you enter into the payment calculator should be as realistic as possible, so that you generate a realistic payment.  Making an educated guess on taxes, fees, accessories, and insurances that you can buy at the dealership, and including them in the price you enter, will help you set a more realistic payment expectation for yourself.  Examples of insurances are gap insurance, tire and wheel insurance, and key replacement insurance, which you will be introduced to when you enter the dealership.  Examples of fees are the $75 dealer documentary fee, title fee, and registration fee.  Taxes can be estimated based on the sales tax rate at the residence you will use to register your vehicle. 

Down Payment
Your down payment may come from several or even multiple sources, such as cash on hand, certified bank check, credit card, a trade-in vehicle, or even a manufacturer incentive that offers down payment assistance.  These are all acceptable forms of down payments.  The amount of your down payment may vary based on several factors.  Some car buyers will choose to put less money down when they are offered an ultra low interest rate from the lending institution.  Some car buyers will choose to put more money down when they are offered a higher interest rate from the lending institution, so as to avoid paying as much unnecessary interest as possible.  Some down payments will have to be a specific minimum amount based on what a lending institution deems necessary.  Banks will use credit history, vehicle value, and other factors to determine what the down payment will need to be, at minimum, if any.

A.P.R. (Annual Percentage Rate)
Here is another area where setting a realistic expectation is extremely helpful. Interest rate.  While the guesses buyers will put in this field are very subjective, understanding how credit works can be useful in setting a more realistic expectation.  Lending institutions will use credit score, or FICO, payment history, income, employment history, and other factors to determine a buyer's interest rate, or A.P.R.  Using a loan calculator to calculate A.P.R. is also crucial because a standard calculator is not capable of calculating A.P.R., which is not calculated the same way sales tax is calculated, for instance. Other factors banks may take into account are vehicle year, make, model, and mileage. If you are curious as to what you qualify for, you can get the ball rolling by completing a credit application right here on our website. 

Term
Term refers to the length of the loan you plan to take out.  Auto loan terms are usually in increments of 12 months, but I have also seen increments other than 12 months, such as a 66 month loan.  Lending institutions will often times set a minimum term and a maximum term, and will use the buyer's credit profile, vehicle year and mileage, and other factors to determine the length of the term they wish to extend in their offer. Some banks will not have a pre-payment penalty if a loan is paid off early, and others will.  These are details to discuss with a Business Manager at Bronx Honda, especially if you think there is a chance you will pay your loan off earlier than expected. 

Estimated Monthly Payment
This is your monthly payment result based on all of the information you entered yourself.  

Please remember: trade-ins are a great way to potentially reduce your payment estimate!  Please note that if you entered the information into this calculator in a straightforward manner, your trade value was not requested, thus not calculated.  Additionally, if you have a payoff due to a lender (lien holder) for your trade-in vehicle, this will not be added into the estimated payment calculation either.  

These are important factors to consider when using a car loan calculator.  Solution: You may use your best educated guess for deducting your trade value from the price, and then adding back in any payoff owed to a lien holder for your trade-in (if applicable).  Your payoff can be obtained from your current lender, and we suggest asking for, at least, a 20-day payoff as a point of reference, as the payoff will change quite frequently, in most cases.

Ready for the Next Step?
Print out your Estimated Monthly Payment calculation, and bring it with you to Bronx Honda as a point of reference. We look forward to meeting with you!