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In our example, up to $200 is available for a monthly loan payment. Have you calculated what your maximum monthly payment might be?
Now that you have a maximum monthly payment, you can approximate the largest loan amount you can finance with "repayment factors." A Dollar Bank Representative can give you the correct repayment factors for the loan that appeals to you.
Let's determine the maximum line of credit amount available from the previous example. Assuming a repayment factor of 2%, simply divide the cash flow available by the repayment factor.
Now, let's determine the maximum loan amount available. Repayment factors vary with term and interest rate; they are the same regardless of the amount financed. Let's assume that the rate and term available to you today to buy a new auto resulted in a calculated repayment factor of .197. Using the example, let's determine the maximum loan amount.
A Dollar Bank Representative can help you calculate additional repayment factors. In addition, a representative can help you determine how much you may be able to borrow. Of course, other factors are taken into account when making a loan decision, such as credit history and employment.
At Dollar Bank, we want to work with you to create a loan that is suited to your budget needs. Speak to any of our Representatives now. They will be happy to help you. To try our loan calculators, click here.