Calculating Your Loan Payments
Our loan payment calculator is a fantastic tool for making sure that you're borrowing just what you can afford and not over-extending yourself or your budget. By calculating your loan payments ahead of time, you can have confidence in knowing that the loan option you're reviewing is the best one for your financial life.
Other Factors to Consider when Applying for a Loan
Having access to loans through your bank can open doors for a new home, new business or new education. Regardless of your need for the loan, making sure you have the best loans for your financial situation is key.
Here are a few factors to consider when you're applying for a loan. And of course, we'd love to connect with you about your financial plans and how together, we can grow your confidence.
Know Your Credit Score - your credit score plays a key factor in what your loan payment will ultimately be. In general, if you have a lower credit score you are likely to have higher interest rates because you could be considered a high-risk borrower. It's totally worth taking steps now to know your credit score and, if need be, work on improving your credit score over time which will impact your loan payment amounts. Helpful hint: if you have a First Commonwealth Bank credit card, we update your FICO® Score on your statements quarterly for free, so be sure to look for that on your next statement.
Know What You Can Afford - you're already on the right path by using our loan payment calculator. Understanding just how much you can afford to pay on your loan is the key ingredient in being able to borrow just what you need with confidence. Be sure to review your monthly expenses and income to have a good feel for your cash flow, so that you know your loan payment will fit into that cash flow each month without causing you stress. We have printable worksheets to help with just that, or take advantage of our online budgeting software available with Money Manager in Online Banking and our mobile app.
Know Who Can Help - working directly with a banker is a fantastic way to make sure that you're all set in understanding your loan payments and your overall financial picture. Our bankers would love to help you through the application process and have tools and resources to help answer any of your questions about applying for a loan. You can schedule an appointment with us online or contact us via phone or email.
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