Car Loan Approval Calculator
Car Loan Approval Calculator
Estimate your chances of getting approved for a car loan by entering your financial details below.
Not calculated yet.
Income: ${income}
Loan Amount: ${loanAmount}
Loan Term: ${loanTerm} Years
Credit Score: ${creditScore}
Debt-to-Income Ratio: ${(debtToIncome*100).toFixed(1)}%
`; approvalSteps += `Formulas:
Debt-to-Income Ratio = (Loan Amount / Loan Term) / Monthly Income
Approval Chance based on Credit Score and Debt-to-Income Ratio
`; approvalSteps += `Results:
Estimated Loan Approval Chances: ${approvalChance}%`; if(document.getElementById(“calculationStepsApproval”).style.display===”block”){ document.getElementById(“calculationStepsApproval”).innerHTML = approvalSteps; } } function resetApproval(){ document.querySelectorAll(“#calculator input”).forEach(el=>el.value=””); approvalSteps=””; document.getElementById(“calculationStepsApproval”).innerHTML=”
Not calculated yet.
“; } function toggleApprovalSteps(){ const s=document.getElementById(“calculationStepsApproval”); const a=document.getElementById(“toggleArrowApproval”); if(s.style.display===”none”||s.style.display===””){ s.style.display=”block”;a.style.transform=”rotate(180deg)”; s.innerHTML=approvalSteps||”Not calculated yet.
“; }else{s.style.display=”none”;a.style.transform=”rotate(0deg)”;} }This car loan approval calculator helps you estimate your chances of getting approved based on your financial situation. Simply enter your monthly income, desired loan amount, loan term, credit score, and debt-to-income ratio to get your approval percentage.
Why It Matters
Understanding your car loan approval chances can help you make better decisions when shopping for a loan. If your chances are low, you may want to improve your credit score or reduce your debt-to-income ratio before applying.