This car loan calculator in Kenya helps you easily find out your monthly repayments if you are looking to take a car loan. If you have already taken a Car loan, then this will also help you know your monthly repayment amount.
So, how does the calculator work?
Before we understand how it works, let us first understand terms used in the calculator.
Understanding terms used in the Car Loan Calculator in Kenya.
For the calculator to work, you need to first enter important numerical data. Here are the terms used and what they mean.
Vehicle Value- This is the value (cost) of the vehicle you want to buy. All you need to do is enter the value in the box. Suppose the vehicle cost is Ksh. 2,500,000.00, that is what you enter in this box. That said, you will notice that the currency used is Kenya Shillings. However, you can use this calculator with other currencies, all you have to do is use the value in your local currency.
Interest Rate– This is the interest of the car loan usually as a percentage. Use the slider to select your interest rate of your car loan.
Months- This is the duration in months you intend to pay the loan. If you intend to do so in 4 years, then that would translate to 48 months. This is a value you also need to input for the calculator to work.
Initial Deposit– This is the initial amount you pay such that the balance is taken a loan. Interest payable is not calculated on this amount.
Monthly Payments– That is the amount you are supposed to pay at the end of each month for the car loan.
So how does the Calculator work?
The calculator works by employing a formula. As you enter the data, the calculator automatically does its thing.
Should you have any questions car loan calculator, please feel free to contact us.
