Start from the sticker price, not the loan. Type the vehicle price, your down payment and trade-in, your sales tax rate and the fees you roll in, and the calculator builds the amount financed the way the CFPB auto loan shopping sheet does, then shows the monthly payment, total interest and every payment to payoff.
When to use this
Use it before you visit the dealer to set a price you can afford, to compare a dealer's APR with a bank or credit union preapproval, or to see how a bigger down payment or a shorter term changes the payment.
Frequently Asked Questions
What is the amount financed on a car loan?
The CFPB describes it as the money you borrow: the vehicle price, taxes and government fees and any add-ons you include, minus your down payment and any trade-in. On its shopping sheet, a $20,000 car with $1,800 of add-ons, taxes and fees, $3,000 down and a $3,000 trade-in leaves $15,800 to finance.
What is the payment on a $30,000 car loan?
At 6.5% APR it is $586.98 a month over 60 months ($5,219.11 interest), $711.45 over 48 months ($4,149.54) and $504.30 over 72 months ($6,309.43). Longer terms lower the payment but cost more interest.
Should I include sales tax in the loan?
If you don't pay it in cash, yes: taxes and fees rolled into the loan are part of the amount financed. $35,000 at 6.25% sales tax adds $2,187.50. Some states tax the price after the trade-in, so the calculator has a switch for it.
What if I owe more on my trade-in than it's worth?
That gap is negative equity. The CFPB warns that rolling it into the new loan makes it more expensive because you borrow more than the new car's price. Type what you still owe and the calculator adds the difference to the amount financed.
How long should a car loan be?
The CFPB notes some financial advisers recommend five years or less, because the longer the loan, the more likely you owe more than the car is worth. Its example: $20,000 at 4.75% costs $1,498 interest over 36 months and $3,024 over 72.
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