Auto Loan Calculator
Modify the values and click calculate to see results
Loan Details
Monthly Payment
| Total Loan Amount | $40,000.00 |
|---|---|
| Sales Tax | $2,000.00 |
| Upfront Payment | $14,200.00 |
| Total Payments | $45,290.96 |
| Total Interest | $5,290.96 |
| Total Cost | $59,490.96 |
Amortization Schedule
Amortization chart placeholder
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $1,835.98 | $7,222.21 | $32,777.79 |
| 2 | $1,466.48 | $7,591.71 | $25,186.08 |
| 3 | $1,078.07 | $7,980.12 | $17,205.96 |
| 4 | $669.80 | $8,388.40 | $8,817.56 |
| 5 | $240.63 | $8,817.56 | $0.00 |
Auto Loan Information
Auto Loans
Auto loans are common for vehicle purchases, functioning as secured loans with typical terms of 36, 60, 72, or 84 months. Monthly payments cover principal and interest.
Financing Options
Choose between direct lending (from banks or credit unions) or dealership financing, where the loan is arranged through the dealer.
Vehicle Rebates
Manufacturers may offer rebates to encourage purchases. Tax treatment of rebates varies by state.
Fees
Beyond the purchase price, expect fees like title and registration, which can often be financed or paid upfront.
Loan Strategies
- Prepare: Research and prepare for the best loan terms.
- Credit: Good credit improves loan approval odds.
- Rebates vs. Rates: Compare cash rebates against lower interest rates.
- Pay Early: Early payoff can save on interest.
- Used Cars: Consider pre-owned vehicles for savings.
Cash Purchases
Buying a car with cash avoids interest and financing fees, offering financial benefits.
Trade-ins
Trading in a vehicle provides credit toward a new purchase, but selling privately may yield better value.