Car Payment Comparison Calculator
When comparing financing options, it’s recommended to compare direct financing through the bank, credit union or online lender against financing with low interest and rebates offered by a dealership.
Calculate your car payments This car payment calculator will help you compare financing options with a credit union bank , and low-interest dealer financing. Manufacturers and dealers typically offer rebates or low-interest financing, but rarely both together. Combining rebates with a higher interest lender such as a credit union or bank loan can result in a lower initial loan balance and, often, a lower monthly payment. The best option is based on the cost of the car as well as the amount of rebate, and the interest rate. How do you determine your car payment to determine which option is right for you, you just need to input some of the information regarding the loan options. Through adjusting the auto finance numbers, you can easily examine with each other the loan amount you’ll need to finance and the total payments you would make over the course of the loan. You can also review and print out the complete report that includes all of the components that are used to calculate the value.
Auto rebates in comparison to. low interest loans While both low interest and auto rebates both save you money, they work differently. A rebate is an incentive that will give you money back in exchange for the car purchase. The primary benefit is that it reduces your total loan amount as it is likely to be applied to your down payment. Low interest financing, on the other hand is when you finance the total cost — less your down payment but you pay less in interest over the duration of your loan. Manufacturers typically offer rebates or low interest financing, but not often both together. Combining a rebate with a bank or credit union or car loan may provide an initial lower loan balance and, in most cases the monthly payments are lower. The best option is contingent on the cost of the vehicle as well as the amount of rebate and the interest rate. It is likely that the auto rebate can lower your costs, however it is essential to determine the anticipated costs prior to committing either one or the other. Definitions An amount owed on trade Total loan balance still outstanding on the .
Calculate sales tax prior to rebate Some states will determine sales tax on your purchase price before a manufacturer’s rebate is applied. If your state has a sales tax calculation based on the price of your vehicle prior to rebate is made, make sure to make sure to check this box.
Cash down Cash down for this purchase. The more cash you have, the smaller the loan you’ll need to finance this purchase.
Low interest financing. The incentive rate you could be eligible to receive from an auto manufacturer. They are typically substantially lower than the standard automobile loan interest rates. The cost of low interest financing could be as little as . Most manufacturers allow you to choose between the low-interest financing option or an incentive from the manufacturer, however, they do not allow both. The calculator presumes if you opt for low interest financing, you are not eligible for any manufacturer rebate.
Manufacturer rebates are rebates that are paid by the manufacturer of your vehicle to you when you purchase a new vehicle. Most manufacturers allow you to select either low-interest financing or a manufacturer rebate, but not both.
No sales tax deduction for trade-in If you live in a state in which your sales tax is calculated based on your full purchase price check this box. If this box is unchecked sales tax is calculated based on the purchase price less the trade-in. Alaska, Delaware, Montana, New Hampshire and Oregon have no sales tax on autos.
Sales tax rate Sales tax charged on this purchase, expressed in percentage.
Term in months The number of months you will need for your auto loan.
The total purchase price (before taxes) The total cost of your purchase. Include the price of the vehicle, as well as any extra options or charges for destination. Do not include sales tax in this figure. Sales tax will be calculated by you and added to your final after-tax cost. Trade allowance The amount you receive for any automobile that you trade in as part of this purchase. In some states a trade-in can also reduce your sales tax you owe.
Traditional financing You may get from a credit union, or another lender. This usually has an interest rate that is higher than the manufacturer’s low interest financing, but is often very competitive when used in combination with rebates from manufacturers. This calculator assumes that if you select a manufacturer rebate you are not eligible for manufacturer low interest financing.
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