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Car Payment Comparison Calculator
In comparing options, it's recommended to compare direct financing offered by an institution like a credit union, bank or an online lender against low interest financing and rebates offered by a dealership.
Calculate your car payments This car payment calculator will help determine the best financing option with a credit union or low-interest dealer and bank financing. Manufacturers and dealers often offer financing with low interest or rebates but not often both. Combining rebates with a higher interest loan from a bank or credit union loan could result in a lower initial loan balance, and often the monthly payments are lower. The better choice depends on the price of the vehicle, the amount of the rebate and the interest rate. How to determine your car payment to determine which one is the best for you, simply input some of the information regarding your loan options. Through adjusting the auto finance numbers, you are able to easily examine each loan amount you'd need to finance and the total payments you would make over the life of the loan. You can also view and print the full report with a complete list of the components used in calculating the numbers.
Auto rebates are different from. low interest financing Although the two both can save you money, they do so differently. A rebate is an incentive which will allow you to get cash back in exchange for the car purchase. The primary benefit is that it reduces the total loan amount because it's likely to be applied to the down payment. Low interest financing On the other hand it means you pay for the entire cost -- less your down payment -- but you pay less in interest over the duration of the loan. Manufacturers often offer rebates or low interest financing, however, they rarely offer both. Combining rebates with a bank or credit union car loan could result in an initial lower loan balance, and in many cases the monthly payments are lower. The best option is contingent on the price of the car, 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 on one option over another. Definitions Amount owed on trade Total loan balance still outstanding on the .
Calculate sales tax prior to rebate Some states calculate sales tax on your purchase price prior to when a manufacturer's rebate is applied. If your state calculates sales tax on the cost of the vehicle before rebate is put in place, you must make sure to check this box.
Cash down The total amount of cash you use to make this purchase. The more cash you have, the lower the loan you will need to finance this purchase.
Low interest financing. The incentive rate you could be eligible to receive from an auto manufacturer. They are typically substantially lower than the normal automotive loan rate. The cost of low interest financing could be as little as . Most manufacturers allow you to select either lower interest finance or manufacturer rebate, but not both. It is assumed that if you select low interest financing, you won't be qualified for any rebates from manufacturers.
Manufacturer rebate is a payment made by the manufacturer of the vehicle to you upon the purchase of an automobile. Many manufacturers let you choose either low interest credit or an offer from the manufacturer, but not both.
No sales tax deduction for trade-ins if you reside in a state where sales tax is calculated on the total purchase price, make sure you select this box. If this box is unchecked sales tax is 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 applied to this purchase expressed as a percentage.
Terms in months. The number of months you will need that you will be able to use your automobile loan.
Total purchase price (before tax) The total cost of your auto purchase. Include the price of the vehicle, any additional options and destination charges. Do not Include sales taxes in the price. Taxes on sales will be calculated by you and included in the price after tax. Trade allowance The amount you get to any vehicle that you sell to make this purchase. In some states a trade-in could also reduce your sales tax that you owe.
Traditional financing The you may get through a bank, credit union or other lender. This usually has an interest rate that is higher than the manufacturer's low interest financing, however it is very competitive when combined with a manufacturer rebate. This calculator assumes that if you choose a manufacturer rebate you are not in the market for manufacturer low interest financing.
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