Payment Calculator

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Disclosure:

The pre-owned vehicle list price does not factor in market conditions, taxes, registration fees, $245 documentary fee, $1,898 paint and fabric protection package, convenience fee $22.50, $799 LoJack and dealer-installed accessories. Our website inventory is updated on a regular basis; however, in-stock availability may vary. Please contact us for vehicle availability, pricing and other details.

How To Use a Payment Calculator

Have you found a vehicle that suits all your needs? Plenty of cargo space for those big family vacations? AWD for those weekend off-roading adventures? Sleek exterior and interior designs to impress your neighbors and friends throughout LaPorte, IN?

Vehicle price is the dominant factor in deciding on your next car, truck, or SUV. Here at Bosak Chevrolet GMC we never want you to get stuck with a payment plan that won’t work with your budget, and we’re enthusiastic about giving our Michigan City drivers the tools to make an informed and financially responsible decision!

Calculating the cost of your monthly auto loan payment before visiting our dealership can assist you in choosing the best loan for your wallet. Our finance department is on standby to help answer any questions you might have, or you can check out our guide on how to work the payment calculator below!

Estimating Interest Rates Through Payment Calculator

The first step to using the payment calculator is to get preapproved or prequalified for an auto loan, then enter the rate you’ve received from the lender. Or you can check the car loan interest rates offered by other lenders online. Also, if you know your credit score, you can try to estimate the rate you’ll likely be offered based on average rates, which we’ve broken down below:

  • Superprime: 781-850 | Avg. APR for New Car: 3.65% | Avg. APR for Used Car: 4.29%
  • Prime: 661-780 | Avg. APR for New Car: 4.68% | Avg. APR for Used Car: 6.04%
  • Nonprime: 601-660 | Avg. APR for New Car: 7.65% | Avg. APR for Used Car: 11.26%
  • Subprime: 501-600 | Avg. APR for New Car: 11.92% | Avg. APR for Used Car: 17.74%
  • Deep Subprime: 300-500 | Avg. APR for New Car: 14.39% | Avg. APR for Used Car: 20.45%

How to Use the Monthly Payment Calculator

It’s difficult trying to calculate your monthly car payment down to the cent, but having a good estimate will have you feeling confident when you stop by our dealership.

  • Vehicle Price: In this field, enter the number you believe you’ll pay for your vehicle after negotiating is finished.
  • Interest Rate: You can enter the rate you’ve qualified for or estimate your rate based on your credit score using the guide we’ve included on this page.
  • Loan Term: Enter the number of months you’re planning to take to pay off the loan.
  • Down Payment and Trade-In Value: Enter the trade-in value of your current vehicle, as well as the total amount of money you plan on putting down up-front.
  • Calculate Payment: Simply click the Calculate Payment button at the bottom to immediately see the cost of your monthly payments.

Estimating New, Used, and Trade-In Vehicle Values

Estimating the value of a brand new vehicle model on the payment calculator is relatively easy – you just have to use the car’s MSRP. This can be found for virtually every one of the new vehicles in our inventory. Also, you’ll have the opportunity to negotiate a discount from the MSRP for most of these vehicles. It’s important to include the “destination fee” and the cost of options that are charged for all new cars.

If you’re estimating a used car’s value through the payment calculator, figuring out the sales price is a bit more complicated. Inquiring about the seller’s asking price is a good start, but you might be able to negotiate it even lower. Checking the prices of similar cars in our used vehicle inventory is a good way to find a fair price, as well as checking online pricing guides.

Finally, trade-in values can be assessed using our Value Your Trade tool, consulting pricing guides, and asking for appraisals. Remember to check the explicit trade-in value and NOT the retail cost, which is the price at which the individual dealer sells the car.

Get Your Financing Process Started Today at Bosak Chevrolet GMC

Now that you’re more savvy and confident with the ins and outs of our monthly payment calculator, we encourage you to reach out to apply for financing! We’ve got plenty of enticing new and CPO models to choose from, reliable tools to help you make the best decision for your family, and talented staff ready to field any of your questions. Contact us now if you’re still confused about anything!