This ATV Loan Calculator is brought to you by IQ Calculators.
To use this ATV Loan Calculator click the link below:
To visit our home page, go to: https://iqcalculators.com/
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Hey guys, IQ Calculators here to talk about our ATV Loan Calculator. For those of you who don’t know what the letters ATV stands for…they stand for All Terrain Vehicle. If you don’t know what an ATV is, it’s just a smaller vehicle with one or two seats with bigger wheels that is designed so that it can travel on rough ground or terrain.
So we built this calculator for people who wanted to finance a new ATV with an ATV Loan. It seems this is just one more thing people can get a loan for.
If you are getting an ATV just for purposes of a hobby or a leisurely enjoyment, it may not be recommended by the general consensus to use a loan or mortgage to buy it. But if you are using your ATV for work or for a business, then it may make a lot more sense.
So what this ATV Loan Payment calculator does is exactly that…it calculates what your monthly ATV Loan Payments will be. To make this happen, all you need to do is enter your ATV loan amount, the length of your loan, and your interest rate. And then the calculator will calculate your monthly ATV Loan Repayment amount.
You are able to enter information into this payment field but just to be clear, this number is calculated for you. If you want to change this number just to see how it affects your loan amortization schedule, you can but that’s probably what you’ll want to use the “Extra Monthly Payment” field for in this ATV Loan Calculator.
The extra monthly payment field allows you to add an extra monthly payment to see how it will affect your ATV loan schedule and how much earlier it will finish the loan. This feature is really great when it comes to the charts because you can watch your charts update in real time as you change not just your extra monthly payment but any of the data fields above.
Next there is the ATV purchase field. This allows you to put in the price you paid for the ATV in total. Just to be clear, this means that if you made a down payment, you would enter your ATV loan amount plus your down payment. Or in other words, your total purchase price.
The calculator does not require you to enter this information in order to calculate your monthly payment. This field is a supplementary field from which your ATV’s hypothetical value will be calculated in the last column of the table. The hypothetical ATV value is calculated using the purchase price you enter along with the annual depreciation rate that you choose to enter. ATV depreciation rates will vary depending on a variety of factors which you’ll need to estimate to your situation as you see fit.
If you are unfamiliar with what depreciation means, it just means that your ATV will decrease each year with time and use. Not unlike an automobile would decrease in value.
The last field in this ATV Loan Calculator that we haven’t talked about is the “Years Left To Pay” field. This field is there for those who are in the middle of an existing ATV Loan. To use this field, first be sure that the field directly above it has the loan length of your original loan. If your original ATV loan length was 5 years, then make sure this field has 5 years in it. Now for example, let’s say that we’ve been paying our ATV Loan for 1 year. That means that we would have 4 years left to pay. We’ll go ahead and enter that here.