New York, NY -- (SBWIRE) -- 07/17/2013 -- A reliable and stylish vehicle is usually an extremely expensive thing to purchase, and for most people their car will be one of the most expensive things that they own. Good quality used cars can cost thousands of dollars, and brand new cars are even more expensive. For this reason few people will actually buy a car outright. Most people take out a car loan from a financial institution and pay for their car in monthly installments.

While the one off price of a car is easy for anyone to understand, calculating the repayments on a car loan can be a little bit more difficult even for the most financially literate consumer. An innovative software company has recently launched a piece of software designed to make this job easier. Free Car Payment Calculator has quickly built up a reputation as the easiest way to work out the financials surrounding a car loan and repayments.

This car loan calculator software operates in a simple and intuitive way. The user inputs information about the size of the loan and the amount of time they propose to pay it back over. Optionally they can also include other variables, such as trade in price, the car loan interest rate, and any taxes, fees or down payments that may be necessary for the transaction. They can then press the calculate button and they will be given a complete breakdown of the amount of money they will need to pay every month if they go through with the deal.

A spokesperson for the company said: “In today’s economy, a car loan is practically essential. Few people can part with the huge amount of cash required to buy a reliable car outright. Almost everyone pays up his or her car in monthly installments using some kind of car loan. However it can be difficult for people to calculate exactly what their monthly expenditure will be on car loan repayments. Our software makes it easy to work out what exactly is affordable for a car payment. This vital information can ensure consumers don’t fall in love with a vehicle that is too expensive or alternatively allow them to set a target price to aim for.”

About “Free Car Payment Calculator”
“Free Car Payment Calculator” is a simple and easy to use software application designed to calculate repayments on a car loan. The software is produced by Free Payment Calculators who offer a range of simple and intuitive financial calculators that are free to download and use. For more information visit http://download.cnet.com/Free-Car-Payment-Calculator/3000-20417_4-75937149.html