Reduce Your Car Payments

Reduce Your Car Payments By Saving Now for a Larger Down Payment

If you are planning to buy a car, you can reduce your monthly payments by increasing your down payment. Increase your down payment with an automatic savings plan.

Sample monthly loan payments for a $30,000 car. (Assumes a 7% interest rate.)

Down payment

Loan amount

Monthly payments

36 month loan 48 month loan

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Increasing Your Down Payment Reduces Your Month Loan Payment

The larger your down payment, the lower your monthly payments.  You may already have some funds you intend to use for the down payment.  Here is a simple calculator to help you determine how additional saving can reduce your payments.

Monthly Car Loan Payment Calculator
Cost of the car $
Down payment saved so far $
Annual interest rate %
Number of periods
Loan amount $
Monthly payment $

Saving is Easier with an Automatic Savings Plan
Decide how much you want to save and over what period. Then find out how much you need to put aside each month to have the larger down payment you want.

Save to increase your down payment
Amount you want to save $
Interest rate you expect to earn %
How many months to save
Monthly savings needed $

Interest is compounded monthly. This calculator is to be used for estimation purposes only. The financial institution is not responsible for its accuracy and the results are not guaranteed.

Start Your Automatic Savings Today
There is no easier way to save than with an automatic savings plan. If you are already using direct deposit for your paycheck, have your financial institution transfer the amount each month. You can also have your employer deduct the amount each month and deposit into the account of your choice with a payroll deduction program. Ask your employer for the form to start now.