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Monthly Auto Loan Payment Calculator

(more calculators)

Use this calculator to help you determine your monthly auto loan payment or your auto purchase price. Estimate how much automobile you can afford based on a proposed monthly payment, or estimate what your auto loan payment will be based on your purchase price and other factors.

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.

This Financial Calculator requires SUN's Java™ Plug-in. If you see this message you will need to download SUN's Java™ Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing "Install ActiveX Control".

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For more information about this Plug-in please visit: SUN's Java™ Plug-in

Definitions

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.

Cash down
Total amount of cash 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.

Latest Auto Loans Articles

Ultimate guide to auto financing
Auto financing options include dealer and bank or credit union loans, leasing, and direct loans from auto sellers. Car loans have changed due to this economic downturn and it is important to understand them. Note, that some financing options change during a down economy. Here's more of what you need to know. Read more

Gap insurance explained
Gap insurance is often overlooked and sometimes misunderstood. Should your newer auto suffer a terminal accident or theft, gap insurance will pay off your loan if your balance is more than the value of your car. Here is a simple example that should explain how gap insurance works. Read more

Understanding the Truth in Lending Act
Enacted in 1968, The Truth in Lending Act came into being for the sole purpose of keeping borrowers from falling victim to predatory lenders. The law mandates that lenders are responsible for making sure that consumers are aware of what they are agreeing to when they borrow money. Read more

Pros and cons of auto leasing
When is leasing a car a good idea? Can it really save you money or will it cost you more in the long run? Leasing a car can be a wise decision in certain circumstances. Just like any other financial decision, however, it is vitally important to weigh the costs versus the benefits before signing on the dotted line. Read more

:: More Auto Loans Articles

Latest Auto Loans Tips

Always avoid late payments
It happens to everyone at some point in life. As soon as you know you can't cover all of the bills due, make a priority list. Read more

Six reasons to use automatic payments
If you haven't signed up for automatic payments for regular monthly bills, here are six reasons you should. Read more

:: More Auto Loans Tips

Auto Loans FAQs

:: More Auto Loans FAQs

Note: This information is for general use only. Use this information as part of a full research process. General financial advice does not always apply directly to individual financial matters. Please consult a financial expert with specific and complex questions about your individual situation.

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