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Car Payment Comparison Calculator

When comparing financing options, it’s recommended to compare direct financing through a bank, credit union or an online lender against financing with low interest and rebate offers offered by dealers.

Calculate your car’s monthly payments calculator for car payments can help you compare financing options between a credit union bank and low interest dealer financing. Manufacturers and dealers typically offer rebates or low-interest financing but not often both. Combining a rebate with a loan from a bank or credit union loan may provide the possibility of a lower initial loan balance, and often, a lower monthly payment. The most suitable option depends on the cost of the car as well as the amount of rebate and the interest rate. How to calculate your car payments To determine which option is right for you, you just need to provide some details about your loan options. By adjusting the auto financing numbers, you are able to easily examine each loan amount you’d need to finance and the total payments you would have to make over the duration of the loan. You can also view and print out the complete report with a complete list of the elements used to calculate the values.

Auto rebates vs. low interest financing Although an and low interest financing both can save you money, they operate differently. Rebates are incentives that gives you money to pay for your vehicle purchase. Its main benefit is lowering the total loan amount since it’s likely to be used towards your down payment. Low interest financing On the other hand is when you finance the total price — including your down payment — but you pay less in interest over the duration of your loan. or manufacturers often offer rebates or low-interest financing, but not often both. Combining a rebate with a bank or credit union or car loan could result in a lower initial loan balance, and in most cases the monthly payments are lower. The best option is contingent on the cost of the vehicle and the amount of rebate, as well as your interest rates. Most likely, the auto rebate can lower your costs, however it is important to calculate the anticipated costs prior to committing either one or the other. Definitions Amount due on trade loan balance still outstanding on the .

Calculate sales tax prior to rebate Some states calculate sales tax on your purchase price prior to when rebates from manufacturers are applied. If your state calculates sales tax on the price of your vehicle prior to rebates are put in place, you must check this box.

Cash down Total amount of cash used to make this purchase. The larger your cash the smaller the loan you will need to finance the purchase.

Low interest financing The incentive rate that you might be able to get from an automobile manufacturer. They are typically considerably lower than normal automotive loan the interest rate. The cost of low interest financing could be just as . Many manufacturers allow you to choose between lower interest finance or manufacturer rebate but not both. It is assumed that if you select low interest financing, you are not eligible for any manufacturer rebate.

Manufacturer rebates are rebates that are paid by the auto manufacturer to you at the time you purchase an automobile. Most manufacturers allow you to choose either low interest financing or a manufacturer rebate however, they cannot offer both.

Tax deductions are not available for trade-ins If you are in a state in which your sales tax is calculated on your full purchase price make sure you check this box. If this box is unchecked sales tax is calculated on the purchase price minus trade-in. Alaska, Delaware, Montana, New Hampshire and Oregon have no sales tax for automobiles.

Tax rate on sales Sales tax is imposed on this purchase, expressed as a percentage.

The term in months. Number of months that you will be able to use your automobile loan.

The total purchase price (before tax) This is the total amount of your purchase. Include the price of the vehicle, any extra options or charges for destination. Don’t add sales tax to this figure. The sales tax is calculated by you and included in your total after-tax price. Trade allowance The total amount you receive to any vehicle that you sell as part of this purchase. In certain states, a trade-in could also reduce the amount of sales tax you will have to pay.

Traditional financing You may be able to receive through a bank, credit union or other lender. This is usually an interest rate that is higher than the manufacturer’s low-interest financing, but it can be very competitive when used in combination with a manufacturer rebate. This calculator assumes that you choose a manufacturer rebate you’re not eligible for manufacturer low interest financing.

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