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Car Loan Calculator
This car loan calculator will help you calculate your monthly auto loan payments or the total purchase price of your car.
Enter your current information and click on the “Calculate” button to get the results. You can also view your entire amortization schedule by using the "View Report" button.
The car loan calculator also provides a graph that will help you assess how different car loan terms or different cash down payments can affect your monthly payments.
Index of the Used Car Loan Terms:
- Monthly payment
The payment for your car loan that will be due every month.
- Total purchase price (before tax)
The total cost of your car purchase is set up by the cost of the car plus any additional options and destination charges. Do not include sales tax here since it will be calculated and included in your total after tax price.
- Term in months
The period of time over which your car loan will be amortized, expressed in months.
- Interest rate
The annual interest rate that will be charged for your car loan.
- Cash down
This is the amount of money you are willing to put down for your car purchase. The cash down payments will have a direct effect on your car financing – the larger the down payment, the smaller the loan you will have to take.
- Trade allowance
This is the price reduction for your new car that you are given for the handover (trade-in) of any other automobile. The sales tax may be also reduced due to the trade-in in some states.
- Amount owed on trade
The loan balance that is still outstanding on the trade-in.
- Non-taxable fees (optional)
Additional fees that are not subject to sales tax (for example document fees).
- Taxable fees (optional)
Additional fees that are subject to sales tax (for example title transfer fees).
- Sales tax rate
The percentage rate of sales tax that is charged on your car purchase.
- No sales tax deduction for trade-in
Different states may or may not allow deductions for trade-ins. If your state calculates the sales tax on the full car purchase price, then check this box.
Currently the following states do not allow tax deductions for trade-ins: Hawaii, California, Michigan, Maryland, and the District of Columbia. To add to these, Montana, Oregon, Delaware, New Hampshire, and Alaska do not have sales tax on autos.
The information on this site and the car loan calculators provided are intended only to assist you with your car loans decisions without providing any personal investment advice. Since we do not consider your personal financial situation, we cannot and do not guarantee that the information provided here will be applicable or accurate to you. We advise you to seek personalized professional advice regarding your personal situation.
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