car dealer advance?

Question

what is the mathematical formula for calculating the advance car dealers use. I know its based on credit worthyness, loan amount, downpayment and so on. but does anyone know the formula...meaning multiply this times that and so on.

Answer 1

If you mean to figure out car payments.. there IS a basic formula which is pretty accurate.

Multiply the number 23 for every $1000 that you finance. Example of financing 15-thousand dollars:

15 x 23 = $345 per month.

Hope that's what you were looking for!

Good Luck.

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