Secured Loan Calculator

Getting secured loans has always been easy than getting unsecured loans. Many people are seen using secured personal loan calculator to find out the exact monthly installment to be paid in repaying a secured loan. In this article, you will find a secured loan calculator which will help you compute your interest payment, total payment made to the bank or financial institution by considering the total number of months for which the amount has been borrowed. Now, among the secured loan repayment calculator, the Barclay's secured loan calculator and the CD secured loan calculator are the most standard ones. Given below is a personal secured loan calculator, later we will try and understand why one should prefer secured loans over unsecured loans.

Calculator for Secured Loans

SIMPLE AND SECURED LOAN CALCULATOR
Loan Amount:
Rate of Interest Per Year:
Tenure in Years:

CALCULATING YOUR LOAN

Your Monthly Installment will be of
Actual Amount with Interest will be
and Total Interest to pay will be

Disclaimer: Secured loan calculator is based on certain assumptions, which may not come true in every case. It is advisable to consult your financial advisor before taking any decision. Buzzle disclaims any responsibility for any decisions taken by the user based on this calculator.

Disclaimer: Secured loan calculator is based on certain assumptions, which may not come true in every case. It is advisable to consult your financial advisor before taking any decision. Buzzle disclaims any responsibility for any decisions taken by the user based on this calculator.

Getting a secured loan is possible by having a good credit score. The credit scores depend on your repayment history and you can view your credit score details by asking the concerned authorities to give you a detailed credit report. Proper financial planning and financial discipline can surely help to build a good credit score in the future. So, avoid taking loans beyond your capacity of repayment, and making excessive credit card usage to keep your scores intact and improve them.

Advantages of Secured Loans

First of all, getting secured loans is much easier than getting unsecured loans because of the simple reason that banks, and other private lenders, get a collateral against the loan granted to the borrowers. In case the borrower is not able to pay the monthly installments regularly, then the bank will have the right to sell off the collateral to recover it money. The secured loan rates are low and attractive because of this very reason. Mostly, home loans and car loans are secured loans and in this case, the car or home itself, is taken as collateral. Secured loans for people with bad credit are hard to get, yet if you approach your lenders with the right attitude and manner, you will surely be successful in getting them sanctioned. Unsecured loans, on the other hand, do not require borrowers to place any collateral and hence, banks aim at gaining maximum profits by charging high rate of interests on such loans. You will find that these loans are always expensive, as compared to secured loans, in spite of attractive schemes by lenders. Unsecured loans may be very hard to get, in times of an economic recession or credit crunch. Now, having understood the secured loans vs unsecured loans comparison, let us know the significance of the secured loan calculator in the next paragraph.

By entering appropriate data, the calculator will give you the monthly payment to be made by you and also the total interest payment which you will be making at the end of the total period. These calculations will help you to understand whether the loan will be putting unnecessary stress on your finances or it is completely affordable for you. The secured loan rates, according to the industry experts are around two to five percent lesser than the rates charged by banks for sanctioning unsecured loans.

From the content on secured loan calculator given above, you must have understood that a secured loan is a better option than unsecured loan. When we take a secured loan, we pay monthly installments more seriously, as we have to protect our collateral or asset, under any circumstances. This timely payment improves our credit score and credit worthiness, in general. So, think over it and act smartly. All the best!