A financial tool offered by State Employees’ Credit Union (SECU), this resource enables potential borrowers to estimate monthly payments and assess the affordability of financing a pre-owned vehicle. By inputting the desired loan amount, interest rate, and loan term, users can gain insights into the financial implications of acquiring a previously owned car through SECU financing. An example involves entering a $15,000 loan, a 6% interest rate, and a 60-month term to calculate estimated monthly payments.
The significance of this financial planning aid lies in its capacity to empower individuals to make informed decisions regarding vehicle purchases and debt management. Its benefits include increased financial transparency, allowing borrowers to budget effectively and avoid overextending themselves financially. Historically, these types of tools were less accessible, requiring manual calculations or reliance on loan officers. The online availability represents a significant advancement in consumer empowerment.