Auto Loan Calculator

Calculating Your Auto Loan Payments

Financing a vehicle is common, and understanding your potential monthly payment and the total cost of the loan is crucial before signing the paperwork. This Auto Loan Calculator helps you estimate these figures based on the vehicle's price, your down payment/trade-in, loan term, and interest rate.

How to Use

1. Enter the **Vehicle Price**.
2. Enter any **Down Payment** amount (cash).
3. Enter the **Trade-in Value** of your current vehicle, if applicable.
4. Enter the applicable **Sales Tax Rate (%)** for your location (on the vehicle price *after* trade-in, typically). Enter 0 if not applicable or already included.
5. Enter the **Annual Interest Rate (APR)** offered for the loan.
6. Enter the **Loan Term** in **Months** (e.g., 60 months = 5 years).
7. Click "Calculate Auto Payment".

The results will show the estimated total loan amount (including tax, minus down payment/trade-in), the estimated monthly payment, the total interest paid over the loan term, and the total amount paid (loan amount + interest).

Calculation Overview

1. Taxable Amount:** Vehicle Price - Trade-in Value (Tax rules vary by location, check local regulations).
2. Sales Tax:** Taxable Amount * (Sales Tax Rate / 100).
3. Total Price After Tax:** Vehicle Price + Sales Tax.
4. Loan Principal:** Total Price After Tax - Down Payment.
5. Monthly Payment:** Calculated using the standard loan amortization formula based on the Loan Principal, monthly interest rate (Annual Rate / 12), and total number of payments (Loan Term in Months).
6. Total Interest & Cost:** Derived from the monthly payment and loan term.