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Calculator for Car Payment Comparison

In comparing options, it’s best to check direct financing from an institution like a credit union, bank or online lender against low interest financing and rebates offered by the dealership.

Calculate your car’s payments car payment calculator will help compare financing between a credit union or bank and low interest dealer financing. Manufacturers and dealers often provide rebates or low-interest financing, but rarely both together. Combining a rebate with a higher interest loan from a bank or credit union car loan may provide an initial lower loan balance, and often it will result in a lower monthly installment. The best option is based on the price of the vehicle and the amount of the rebate and the interest rate. How do you determine your car payment to find if an is best for you, just input some of the information regarding you loan options. Through adjusting the auto finance numbers, you can easily compare each loan amount you would have to finance as well as the total amount of payments that you will make over the life of the loan. You can also access and print out the complete report that includes all of the components used to calculate the values.

Auto rebates are different from. low interest financing While an and low interest financing both help you save money, they do so differently. Rebates are a form of incentive that gives you cash back in exchange for the car purchase. Its main benefit is lowering the total loan amount since it will likely be used towards your down payment. Low interest financing On the other hand is when you finance the total cost — less the down payment however, you pay lower interest over the life of the loan. Manufacturers often offer rebates or low interest financing, but not often both at once. Combining rebates with a bank or credit union or car loan may provide a lower initial loan balance, and in most cases the monthly payments are lower. The better choice depends on the cost of the vehicle as well as the amount of rebate, and the interest rate. It is likely that the rebate from an auto dealer will save you more money but it is crucial to estimate the expected cost before committing on one option over another. Definitions Amount due on trade loan balance that is still unpaid on the .

Calculate sales tax prior to rebate Some states calculate sales tax on the purchase price prior to the rebate from the manufacturer is applied. If your state calculates sales tax on the cost of the vehicle before the rebate is 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 fund this purchase.

Low interest financing The incentive rate you may be able to receive from an auto manufacturer. These rates typically are substantially lower than the typical automotive loan the interest rate. Low interest financing can be as low as . Most manufacturers allow you to select either low interest financing or a manufacturer rebate however, they do not allow both. This calculator assumes that when you opt for low interest financing, you won’t be eligible for any manufacturer rebate.

Manufacturer rebates are rebates that are paid by the manufacturer of the vehicle to you when you purchase the new car. Many manufacturers let you choose either low interest finance or manufacturer rebate however, they cannot offer both.

Tax deductions are not available for trade-ins if you reside in a state where sales tax calculation is based based on the purchase price in full, make sure you check this box. If you do not check this box, taxes are calculated on the purchase price less trade-in. Alaska, Delaware, Montana, New Hampshire and Oregon do not have sales tax on autos.

Sales tax rate Tax charged on this purchase, expressed in percentage.

Terms in months. The number of months you will need to repay your car loan.

Total purchase price (before tax) This is the total price of your auto purchase. Include the cost of the vehicle, as well as any additional options and destination charges. Don’t Include sales taxes in the figure. The sales tax is calculated for you and added to the price after tax. Trade allowance is the total amount you get to any vehicle that you exchange to make this purchase. In some states a trade-in may also lower taxes you will owe.

Traditional financing It is a loan you might be able to get from a bank, credit union, or another lender. This is usually more expensive than the manufacturer’s low-interest financing, but is often very competitive when utilized in conjunction with manufacturer rebates. This calculator assumes that you opt for a rebate from a manufacturer, you will not be eligible for manufacturer low interest financing.

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