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Experiment with the loan calculator, entering a longer or shorter loan term, a higher or lower interest rate, more or less of a down payment, and so forth. Get a sense of how changes in the different factors change the monthly loan payment. When you go into the dealership or the bank to get funding, you will need to negotiate, and it will help you immensely to know how all the options you are offered will affect your pocketbook. Also remember to think in the long term as well as the short term, and a low monthly payment does not always mean a less expensive loan. A $15,000 loan with 10 percent interest, paid off over three years, will cost you $484 per month, for a total of $17,424 over the life of the loan.