How to Use a Secured Loan Calculator

A secured loan is a loan that is "secured" or "backed" by a borrower's collateral. The collateral can be anything from a car to a home. It will be forfeited to the lender if the borrower does not repay the loan. A secured loan calculator can help you estimate your interest and the monthly cost of the secured loan

Read more: How to Use a Secured Loan Calculator |

Instructions
Things You'll Need
Internet accessOnline calculator
Amount of LoanTerm of Loan
Interest RateSuggest Edits
Find a secured loan calculator online.
Use your favorite search engine and search for "secured loan calculator."
 Pick the one you are most comfortable with.
2Enter the loan amount that you want to borrow.
Do not add a dollar sign.Input the terms of the desired loan.
 Usually, you will have to pay off a secured loan in monthly installments.
4Add the interest rate.
The interest rate for a secured loan is usually much lower than the rate for a non-secured loan,
but your credit score and history will determine the interest rate.
lick on the "Calculate" button.
 This will give you your estimated monthly payment and may be divided into amounts such as interest paid,
cumulative payments and principal remaining.
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