Use this car finance calculator to help you determine your monthly auto loan payment or your auto purchase price. After you have entered your current information, use the graph options to see how different loan terms or down payments can impact your monthly payment. You can also examine your complete amortization schedule by clicking on the "View Report" button.
- Monthly payment
- Monthly payment for your auto financing.
- Total purchase price (before tax)
- This is the total cost of your auto purchase. Include the cost of the vehicle, any additional options and any destination charges. Don't include sales tax in this amount. Sales tax will be calculated for you and included in your total after tax price.
- Term in months
- Number of months for this loan.
- Interest rate
- Annual interest rate for this loan.
- Rebates and Cash down
- Total amount of cash and/or factory rebates used in this purchase. The larger your cash down payment the smaller the loan you will need to finance this purchase.
- Trade allowance
- The total amount that you are given for any automobile that you trade-in as part of this purchase. In some states a trade-in can also reduce the amount of sales tax you will owe. See the definition for "Sales tax deduction for trade-in" for more information on trade-in vehicles and sales tax.
- Amount owed on trade
- Total loan balance still outstanding on the trade-in.
- Non-taxable fees (optional)
- Any additional fee that is not subject to sales tax. This usually includes document fees or any other fees that may be due at delivery and are not taxable.
- Taxable fees (optional)
- Any additional fee that is subject to sales tax. This usually includes title transfer fees or any other fees that may be due at delivery and are taxable.
- Sales tax rate
- Sales tax percentage rate charged on this purchase.
- No sales tax deduction for trade-in
- If you live in a state where your sales tax is calculated on your full purchase price, check this box. If this box is unchecked, sales tax is calculated on the purchase price less trade in. Currently California, the District of
Columbia, Hawaii, Maryland, and Michigan allow no deductions for trade-ins when calculating sales tax. In addition, Alaska, Delaware, Montana, New Hampshire, and Oregon have no sales tax on autos.
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Car Finance Calculator – Calculate Your Loan Payments
Do you know you can save a good amount of money if you do a bit of research on car loans before actually buying a car? Agreed – doing calculations is a tough and frustrating task. That’s why we offer you the car finance calculator. This is a great tool to determine your car purchase price or monthly car loan payment.
Now if you need to assess your purchase price or monthly loan payment, all you have to do is enter your current information and set the car finance calculator to work.
Then study the graph options to learn how larger down payments or different loan terms can considerably bring down your monthly payments. You can also view your comprehensive amortization schedule simply by clicking on the ‘View Report’ button.
Here are the explanations of some terms that you will come across while using this car finance calculator:
- Total purchase price: As the name implies, this refers to the total cost of your car purchase including the cost of the car, extra options and destination charges. Remember that this amount does not include sales tax. The car finance calculator will determine the sales tax and automatically include it in the total price (after tax).
- Monthly payment: This is the amount that you pay every month for your car financing.
- Term in months: The total number of months for the car loan.
- Interest rate: This refers to the annual interest rate for your car loan.
- Cash down and rebates: This refers to the total cash payment you make towards this purchase. The more your down payment, the less loan amount you will need to finance the car purchase.
- Sales tax rate: This refers to the percentage of sales tax rate charged on your car purchase.