Figuring Out Jeep Note
I'm too right brained to be good at math. Is there a formula to figure out what your potential new Jeep note would be figuring in payoff note on current loan?
Google search auto loan calculator. Makes it easy to figure that stuff out and get an accurate payment amount.
Those don't help when you have to factor in a loan payoff of current vehicle.
Cost of new vehicle
- Trade in value of current vehicle
+ Payoff on current loan
+ Any taxes, dealer fees, ... that will be added to loan
= Amount of loan for new vehicle
$25,000 = cost of new vehicle
$4,000 = value of current vehicle
$2,000 = current loan payoff
$2450 = taxes & fees
25000 - 4000 + 2000 + 2450 = 25,450 = amount of new loan.
Better yet, pay off the current loan and save your money until you can afford to buy your new ride without needing a new loan.
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