Secured Loan Calculator

Secured loans are backed by specific collateral items such as a car or home loan.  Online loan calculators can help consumers understand a payment amount that they can afford.  A simple web search can put powerful tools instantly at the fingertips of the user.
A secured loan is defined as a loan that is “secured” by a specific piece of collateral.  Common types of secured loans are auto loans, or home mortgages.  For a secured loan, if the borrower does not pay according to the loan terms, the lender has the right to repossess the collateral that secures the loan.  This can take place in the form of repossession for an auto loan, or a foreclosure in the case of a mortgage loan.

  1. Understand the collateral terms.  This includes late payment consequences, as well as penalties for default.  Aside from potential damage to the your credit rating, failure to make your loan payments can result in loss of collateral.  Armed with information, a prospective borrower can make an informed decision.
  2. Perform an online search for a secured loan calculator using an online search engine.  When conducting your search, you should determine the purpose of the calculator.  Is the goal to calculate a payment amount, or define a specific loan term?  There are a number of free loan calculators available on sites such as yahoo or bankrate.  Try out a couple of different calculators until you find one that you are comfortable with.
  3. Enter different figures into the loan calculator.  Start with values such as the prospective principal amount, note term, and interest rate.  The loan calculator should then provide you with the payment amount with those specific values. Changing the terms can help you understand what your payment will be with those new terms.

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