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|3rd December 2010, 09:15||#1|
Join Date: Nov 2010
Car Loan Schedule Calculator
Had created an excel sheet to ease my comparison woes so just thought would share it with BHPians.
You can compare between various financing quotes by copying sheet and overwriting with the data for the other financier.
Most importantly (at least for me), I have tried to take into account loans with interest rates changing from one year to the next, and also prepayment options.
Hope this helps. Have added cell comments wherever possible.
|3rd December 2010, 09:50||#2|
Senior - BHPian
Join Date: Jan 2010
Thanked: 2,133 Times
Few of my observation...
- Remove the "$" symbol & can leave it blank or insert the new Re symbol
- The title says "EDITABLE" cell & gives an impression that all Yellow cells are editable; however, I'm unable to modify the processing fee, stamp duty & other charges
- Infact there should be a provision to enter the processing fee, stamp duty & other charges
- Is there any significane on leaving cols I & J blank?
- Is the prepayment period compulsory? What if the bank does not allow this feature? I tried 0 & the tool wouldn't accept
- How about a 7 year loan?
- When I input 0% interest for all 5 years for 5 year loan for a sum of 500000 the effective rate of loan is 12.17% for a mere sum of 4716 being processing fee, stamp duty & other charges. Is this right?
Otherwise, a good calculator & appreciated effort
Last edited by aargee : 3rd December 2010 at 10:00.
|3rd December 2010, 14:28||#3|
Join Date: Nov 2010
Forgot the attachment
Last edited by Jaggu : 3rd December 2010 at 14:36. Reason: Back to back posts, please EDIT the post once its approved. Thanks
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