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Car Loan vs. Home Equity Loan Calculator

This car loan calculator will help you compare home equity loans vs. car loans in order to decide which one will be the better way to finance your car purchase.

Since the interest on home equity loans may be tax deductible and they often offer lower interest rates, it may turn out that a home equity loan may be the better option to finance your car purchase.

In order to use this Car Loan Calculator you need to have the SUN's Java™ Plug-in installed.

Seeing this message means that you need to download the SUN's Java™ Plug-in. You can do that automatically if you click on the yellow bar at the top of your browser and choose “Install ActiveX Control” or you could also get the SUN's Java™ Plug-in by visiting this link: Download SUN's Java™ Plug-in

Index of the Used Car Loan Terms:

Term: The period of time over which you pay off your car loan, expressed in months.
Purchase price: This is what you pay for your car before taxes and fees.
Auto loan interest rate: This is the annual percentage rate (APR) for your car loan.
Cash down: The cash down is the amount of money you are able to put down for your car purchase in order to cover different fees and your down payment.
Trade allowance: This is the price reduction for your new car that you are given for the handover (trade-in) of another vehicle.
Amount owed on trade: The loan balance that is still outstanding on the trade-in.
Fees: Include here the fee that is charged for title transfer, plus any other fees due at delivery.
Sales tax rate: The percentage rate of sales tax that is charged on your car purchase.
Home equity interest rate: This is the annual percentage rate (APR) charged for your home equity loan.
Home equity closing costs: Include here any additional costs (such as appraiser fees, points, etc.) that you will need to pay for the home equity loan.
State and Federal tax rates: The state and federal tax rates will be used in order to calculate the tax savings from your home equity loan.
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.

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.

Related terms: car loan calculator, home equity loan calculator, auto loan payment calculator, home equity loan payment calculator, auto loan calculator, car payment calculator