Financial Planning Tool
Estimate your monthly payments for auto repair financing. Adjust the loan amount, term, and APR to see different scenarios.
This shows a simplified payment breakdown. Actual payment dates will be determined at loan approval.
This calculator provides estimates only and does not constitute a loan offer or guarantee of terms. Actual loan amounts, APR, and terms are subject to lender approval and may vary based on your creditworthiness, state regulations, and lender policies. Monthly payment calculations are simplified and may not include all fees or charges. Always review your actual loan agreement carefully before accepting any financing offer.
Our loan calculator helps you understand the true cost of borrowing for auto repairs. Here's how to make the most of this tool:
Select the amount you need to borrow. Consider the actual cost of your auto repairs plus any additional fees. It's better to borrow slightly more than needed rather than coming up short, but avoid over-borrowing as you'll pay interest on the entire amount.
The loan term is how long you have to repay the loan. Shorter terms mean:
Longer terms mean:
APR represents the yearly cost of borrowing, including interest and fees. For CFNA financing, typical APRs range from 29.99% to 35.99%, though rates vary by:
This is the amount you'll pay each month. Ensure this fits comfortably in your budget. As a general rule, your monthly debt payments (including this loan) shouldn't exceed 40% of your monthly income.
This shows how much extra you'll pay beyond the loan amount. Higher APRs and longer terms increase total interest. If this number seems high, consider:
This is the sum of your loan amount plus all interest. This is the actual total cost of your financing.
Situation: You need $800 for new tires immediately
Recommended: $1,000 loan for 6 months
Why this works: Short term keeps interest low, monthly payment is manageable for most budgets.
Situation: You need $3,500 for engine work
Recommended: $4,000 loan for 18 months
Why this works: Longer term keeps monthly payment affordable for larger repair. Extra $500 covers unexpected costs.
Even one less month of payments can save you significant interest. Use the calculator to compare different terms.
CFNA financing typically has no prepayment penalties. If you get a tax refund, bonus, or extra income, put it toward your loan principal to reduce interest.
It's tempting to borrow more "just in case," but every extra $100 borrowed costs you interest. Get accurate repair quotes before applying.
If your lender allows it, making half your payment every two weeks results in 26 half-payments (13 full payments) per year instead of 12, saving interest and paying off faster.
The calculator provides mathematically accurate estimates based on standard loan formulas. However, actual loan terms may include additional fees or different compounding methods. Always review your actual loan documents for exact terms.
Lenders may use different calculation methods, include additional fees in the payment, or have promotional rates not reflected in this general calculator. The calculator is for estimation purposes only.
Use these numbers as a guide, but add a 10-15% buffer to your budget for unexpected fees or rate variations. Once approved, use your actual loan agreement numbers for precise budgeting.
Try these adjustments:
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