There are tons of tools out there that can be used to help you find out what rates you might get and what type of payment you might be faced with if you take out a loan. It is important to know what these tools are and what they do in order to help you determine what loan is right for you and to get a basic idea of what your monthly payment might end up being.  

A RBC car loan calculator is just what it sounds like, they take a certain amount of information from you and program it into the calculator to give you a basic idea of what type of loan payment you are going to have each month. Though all loan calculators are created differently and some might be slightly different than others, they all ask for the same basic information.

Most car loan calculators are going to ask for the amount of the loan that you took out or are considering taking out, the rate or interest rate of the loan, and the time that you financed the loan for. These are going to make a big difference in how your loan payments play out for a few reasons.

For starters, the amount of the loan is the major factor in how much you pay each month. The second most important factor is the interest rate that you are going to be paying each month on the principle amount of the loan. The last factor is going to be how long you finance for as the longer you finance for, the lower the monthly payment.

Though financing for as long as possible does decrease your monthly payment, it does increase the overall amount of interest that you pay on the loan through the course of the life of the loan. The longer you finance, the more interest you end up paying. For those that have bad credit or a low credit, your interest rate might be higher than someone that has a better credit score.

There are now more loan options than ever before and anyone can get a car loan. With the right lender however, even those that have poor credit can get affordable car loans and great rates that are manageable so that you can get the car you want and need without having to deal with a ton of interest on your monthly payments.