Cash Back Or Low Interest Calculator
Decide between a cash-back offer and a low-interest rate when buying a car. This calculator helps you determine which deal will save you more money in the long run.
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Understanding the Cash Back vs. Low Interest Calculator
When buying a car, dealerships often present two enticing offers: a cash back rebate or a low-interest financing deal. This calculator is designed to help you make the financially optimal decision by comparing the total cost of both options side-by-side.
How to Use the Calculator
To determine the better deal, you need to provide details for both scenarios:
- Vehicle Price: The negotiated price of the car before any offers.
- Loan Term: The length of the loan in months.
- Cash Back Offer: Enter the rebate amount and the interest rate you would get from your bank or credit union (your own financing).
- Low APR Offer: Enter the special low Annual Percentage Rate (APR) offered by the dealership.
The calculator will compute the monthly payment and total cost for each option, highlighting which one saves you more money over the life of the loan.
Frequently Asked Questions (FAQ)
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