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Author: admin | Category: Auto Car Loan Calculator | Date: 28.06.2016

Learn how to use Excel with tutorials, tips and tricks on functions, formulas, and features. The reason the chart looks so terrible is that it is charting all 120 payment periods in the table, even if the number of periods in the loan is much less.
Double-click on the x-axis (the horizontal axis) on the chart to bring up the Format Axis dialog box. The chart looks a bit better, but we still need to fix the Y-Axis. Double-click on the y-axis (the vertical axis) on the chart to bring up the Format Axis dialog box.
Finally, we have a chart that clearly represents the higher cost of interest in the beginning of the payments and the increasing contribution to the principal of the loan balance! These visualizations look great, and they make it easy to understand what all this data is telling us about the terms of the loan, but something is not right.
To get the automatic update to the chart axes that we need, we’re going to use a very advanced technique.
NOTE: Before we do any work, we need to make sure that our file is saved in a Macro-enabled format.
With luck, your chart should happily change its X and Y axes as you change your Loan Amount and loan Term amount!
Select an image for your comment (GIF, PNG, JPG, JPEG): Notify me of follow-up comments by email. Use our free Auto Loan Calculator to estimate the overall cost of purchasing a car, including the sales price, sales tax, and the many charges and fees that creep up on you when you finally decide to make the purchase. Our Auto Loan Calculator gives you complete flexibility in how you make additional payments, in case you want to pay off your loan early and avoid paying so much interest. IMPORTANT: Many auto loans are actually "Simple Interest Loans" that accrue interest daily. Information about how to use the loan calculators are contained within the spreadsheet itself, mostly as cell comments.
Our auto loan calculator spreadsheet does not contain a calculator for comparing leasing vs. Sometimes, the auto manufacturer offers incentives in the form of a cash rebate or lower interest rate, but usually not both at the same time. Disclaimer: The calculations in this spreadsheet are estimates and we do not guarantee the results.
In fact, it should look familiar, because it’s the heat map version of the data table from Part 4.


Open your spreadsheet from the last lesson (or you can download the example sheet from Part 3), and make sure you are on the first worksheet, called “Car Loan Calculator”. Try changing the loan term, or changing the loan amount, or changing anything about the inputs to the loan equation. Excel has its own programming language called Visual Basic for Applications (VBA) that lets you control everything about the program. If you download the file and enable the macro on your home computer, it will run the VBA code and update the chart automatically. You can download the sample file by clicking the Excel icon in the bottom right.
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The worksheet calculates the total Loan Amount, taking into account your down payment, trade-in, or cash rebate. Our Auto Loan Calculator is great for running quick calculations, but if your loan is actually a simple interest loan, then you may get more accurate numbers by using our Simple Interest Loan Calculator. Use the Auto Loan Calculator worksheet to calculate the amount you will need to finance, based on the sales price of the car, destination charge, fees, sales tax, down payment, cash rebate, and trade-in value of an older auto. Use the Payment Calculator worksheet (the featured image above) to create an amortization table based on the auto loan amount, annual interest rate, term of the loan, and payment frequency. The third worksheet (Loan Comparisons) takes the inputs from the loan payment calculator and creates graphs showing you how different interest rates, number of payments, or the amount of down payment affect the monthly payment and total amount of interest. Basically, you just enter values in the white-background cells, and see what happens to the other numbers. The auto loan calculators in our spreadsheet let you specify a cash rebate and the annual interest rate. Please consult your financial advisor or lending institution before making any final financial decisions. In fact, the data table we created in Part 3 of this series is just missing one thing that keeps it from being a heat map: color. In the next section, we’re going to learn how to create it from the table we built in Part 3. Double-click on the line representing Principal on the chart to bring up the Format Data Series dialog box. You can then use the Auto Loan Payment Calculator (another worksheet within the Excel workbook) to create an amortization schedule and analyze different types of loans by changing the loan amount, interest rate, term of the loan (years), and the payment frequency. See how making extra payments can help you pay off your car loan early and reduce the amount of total interest paid.


In the Payment Calculator, you can also enter values in the yellow cells (the Extra Payments column).
You can save (or print out) two different versions of the spreadsheet in order to make comparisons. A clear chart or graph can turn a complicated mountain of information into a simple, intuitive business decision. More importantly,  it’s also easier to tell where the breaking point is between moderately expensive payments (in white) and the cheaper ones (in green).
Fortunately, the heat map and data table update nicely, but we’re going to have to make Excel stretch a bit to keep the chart looking proper. I mean everything – menu options, object settings, columns, rows, cells, and formatting are all fair game. The spreadsheet has been left unlocked, to give you complete freedom to modify it as needed for your personal use. Most importantly, it compares all the values in the table according to the same set of rules.
The trade-off between loan term and interest rate starts at 48 months (at 2% APR) at the top, and cuts diagonally to 72 months (at 16% APR) at the bottom. Literally anything you can do with your cursor and keyboard in Excel can be controlled with VBA. However, make sure you know how the equations and formulas work before you try to branch out on your own. That way, instead of having to compare numbers cell-by-cell, the user can just look in the general direction of the positive result. We don't provide technical support for creating custom spreadsheets, but if you have some suggestions or comments, please let us know. Ravi Krishna, one of my blog readers, updated the Excel sheet with ad hoc payments and multiple reimbursements, which a lot of readers were asking. Please can you provide me the with floating rate option which will be helpful to calculate the remaining months of payments along with adhoc irregular part payments.



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