As a result, the majority of people have to take out an auto loan in order to pay for their new car. The price of paying back this auto loan will end up inflating the price of the car, and this must be considered when choosing to buy a car. Calculating the compound interest of your auto loan can be tricky, however this free and easy-to-use Excel Auto Loan Payment Calculator can make the process much easier.How to Use the Excel Auto Loan Payment CalculatorFirst, download the Excel Auto Loan Payment Calculator for free from this website.

This information differs from bank to bank, as each one offers different interest rates and payback plans. It is recommended that you look into several banks to determine which offers the best rates.If you want to compare interest rates and final costs on the same spreadsheet, you can copy the template and then paste it below the original. You could then label the spreadsheet with the name of the bank providing the corresponding interest rate.

This would allow you to compare final costs on the same spreadsheet and allow you to more easily determine the best loan plan for buying your new car.Buying a new car can be a stressful event.

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