Car Payment Comparison Calculator
When comparing potential it is ideal to compare direct financing from an institution like a credit union, bank or online lender against financing with low interest and rebate offers from the dealership.
Calculate your car payments This car payment calculator will help compare financing from a Credit Union or bank , and low-interest dealer financing. Manufacturers and dealers typically offer financing with low interest or rebates but not often both. Combining a rebate with a higher interest lender such as a credit union or bank car loan could result in a lower initial loan balance, and often it will result in a lower monthly installment. The most suitable option depends on the cost of the vehicle and the amount of the rebate, and the interest rate. How do you determine your car payment to determine which option is right for you, you just need to provide some details about the loan options. Through adjusting the auto finance numbers, you can easily evaluate each loan amount you would have to finance and the total amount of payments you’d make over the course of the loan. You can also review and print out the complete report with a complete list of the parts used to calculate the values.
Auto rebates in comparison to. low interest financing Although the two both save you money, they operate differently. A rebate is an incentive that gives you money back in exchange for the vehicle purchase. The primary benefit is that it reduces your total loan amount because it’s likely to be applied to the down payment. Low interest financing however, means that you pay for the entire cost — less the down payment but you pay less interest over the course of the loan. Manufacturers typically offer rebates or financing, but rarely both at once. Combining a rebate along with a credit union car loan can result in an initial lower loan balance and, in most cases, a lower monthly payment. The better choice depends on the cost of the vehicle, the amount of the rebate, and your interest rates. It is likely that an auto rebate will lower your costs, however it is important to calculate the expected costs before agreeing to one over the other. Definitions Amount due on trade Total loan balance that is still unpaid on the .
Calculate the sales tax prior to rebate Some states calculate sales tax on your purchase price prior to a manufacturer’s rebate is applied. If your state calculates sales tax on the price of your vehicle prior to rebate is put in place, you must make sure to check this box.
Cash down The total amount of cash you use for this purchase. The more cash you have, the smaller the loan you will need to finance the purchase.
Low interest financing The incentive interest rate you could be eligible to receive from an auto manufacturer. These rates are usually considerably lower than standard automobile loan rate. Low interest financing can be as little as . Many manufacturers allow you to choose between the low-interest financing option or an incentive from the manufacturer, but not both. The calculator presumes if opt for low interest financing, you will not be qualified for any rebates from manufacturers.
Manufacturer rebate A paid by the manufacturer of your vehicle to you when you purchase a new vehicle. The majority of manufacturers let you choose either low interest financing or a manufacturer rebate, however, they cannot offer both.
There is no sales tax deduction when you trade-in a trade-ins if you reside in a state in which your sales tax calculation is based on the purchase price in full, check this box. If you do not check this box, the sales tax will be calculated based on the purchase price less trade-in. Alaska, Delaware, Montana, New Hampshire and Oregon do not have sales tax on autos.
Tax rate on sales Sales tax is imposed on this purchase, expressed in percentage.
The term in months. Number of months to repay your car loan.
The total purchase price (before taxes) This is the total cost of the purchase. Include the cost of the car, any other options, and any destination fees. Do not add sales tax to this amount. Taxes on sales will be calculated by you and will be included in the price after tax. Trade allowance is the total amount you get for each vehicle you trade in as part of this purchase. In certain states, a trade-in may also lower the amount of sales tax you owe.
Traditional financing You may be able to receive from a credit union or other lender. It is typically more expensive than the manufacturer’s low-interest financing, but is often extremely competitive when it is combined with a manufacturer rebate. This calculator assumes that you select a manufacturer rebate you are not in the market for manufacturer low interest financing.
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