This calculator aims to answer the following question: should you take a car loan if the dealer offers you a lower price?
If you have taken a loan, the lender is taking a risk in lending money to you. While the money is with you, the lender is unable to use those funds for potentially more beneficial use, incurring what’s known as opportunity cost.
As such, you will have to repay more than you borrowed. You’ll have to return not only the amount that you originally borrowed but also the interest as compensation to the lender. The interest rates you pay on loans reflect your credit risk, which is the likelihood of you not paying back the loan. The likelier you are to pay back the loan, the lower the rates you’re charged (all other things equal).
1. Click the link to the read-only document
https://docs.google.com/spreadsheets/d/1WPoY_xaL7PEyhmf613K9jKadtOkJcUcJj3hbFOEHub8/edit?usp=sharing
2. Make a copy of this calculator for your own use
[Open document > File > Make a copy]
3. Use the template for your own personal use!
MoneyFitt (ProConnect Technologies Pte Ltd) is not responsible for any errors or omissions, or for the results obtained from the use of this information and shall also not be liable for any damage or loss of any kind, howsoever caused as a result (direct or indirect) of the use of the app and its features, including but not limited to any damage or loss suffered as a result of reliance on the app. All information is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information. The information contained is not intended to be a source of advice or credit analysis with respect to the material presented. Any ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial, tax or legal professional and independently researching and verifying information. We do not provide any financial advice, nor are we licenced to.
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