A calculator has been developed by FHA lenders to help people figure out how much they’ll owe on a new car loan and the repayment options available.
The loan calculator is designed to help consumers better understand their monthly payments, says the FHA website.
“The calculator is not designed to be a financial aid tool or an aid to anyone,” FHA said in a statement.
“It is designed for people who need to figure out if they have enough money to cover the interest on their loan.
It will help them to understand the different options available to them to reduce their loan balance.”
The calculator will be offered to the public from February 27.
It was developed by an Australian research group called FHA Credit Solutions.
The group said the calculator would allow consumers to understand how much interest they can expect to pay over a number of years and to determine the amount they need to pay on their next loan.
The FHA says the calculator should be used by consumers with credit scores below 6.5.
“If you have a score of 6.75 or higher, you can use the calculator to figure how much you’ll pay over the loan term,” the website said.
“For example, if you’re paying $1,000 a month on your loan, the calculator will show you that you can pay off your loan in less than 10 years.”
Similarly, if your credit score is less than 5.00, you’ll need to put in some extra cash to make your payment on your next car loan.
“These types of calculations will help you understand the best repayment options for you.”
A spokeswoman for FHA told News.co.uk that the calculator is meant to help “those who are struggling with their loan repayments and are struggling to make payments”.
“It’s important that you use the calculators available on our website to understand what your payments are going to be, how much each payment is going to cost you, and the possible repayment options you have available to you,” she said.FHA has a $5.4 billion credit line, but has faced criticism for not doing enough to tackle loan fraud.
In February, the Federal Government said it was considering extending the loan limit for car loans to $12,000.
The Federal Government also plans to cut interest rates for people earning less than $200,000 from 7.5 per cent to 5 per cent.
A spokeswoman said the loan calculator was aimed at helping consumers make informed decisions about their finances.
“This tool is aimed at simplifying the repayment process for those who may not be able to understand all the options available,” she told News24.