Car Payment Comparison Calculator

When comparing financing options, it's ideal to compare direct financing from the bank, credit union or an online lender against low interest financing and rebates offered by dealers.

Calculate your car's monthly payments calculator for car payments can help you compare financing options between a credit union low-interest dealer and bank financing. Manufacturers and dealers typically provide rebates or low-interest financing however, they rarely offer both. Combining rebates with a higher interest bank or credit union car loan could result in a lower initial loan balance and, often the monthly payments are lower. The better choice depends on the cost of the vehicle, the amount of the rebate and the interest rate. How do you determine your car payment to determine which option is right for you, just enter some information about you loan options. By adjusting the auto financing numbers, you are able to easily examine with each other the loan amount you'd need to finance and the total amount of payments that you will make over the life of each loan. You can also review and print the entire report that includes all of the elements used in calculating the numbers.

Auto rebates vs. low interest financing Although both low interest and auto rebates both can save you money, they do so differently. Rebates are a form of incentive which will allow you to get money back in exchange for the car purchase. Its primary purpose is to reduce your total loan amount since it is likely to be applied to your down payment. Low interest financing however it means you pay for the entire cost -- less your down payment but you pay less interest over the life that of the loan. or manufacturers often offer rebates or financing, but not often both together. Combining a rebate along with a credit union car loan may provide the buyer with a lower loan balance and, in many cases it will result in a lower monthly installment. The better choice depends on the price of the car and the amount of rebate, as well as the rate of interest. It is likely that the auto rebate can help you save money, but it is important to calculate the expected costs before agreeing to one over the other. Definitions Amount due on trade loan balance that is still unpaid on the .

Calculate the sales tax prior to rebate Some states will calculate sales tax on your purchase price prior to the rebate from the manufacturer is applied. If your state has a sales tax calculation based on the cost of the vehicle before rebates are applied, select this option.

Cash down Total amount of cash used for this purchase. The bigger your cash, the lower the loan you'll require to finance the purchase.

Low interest financing. The incentive rate that you might be able to get from an auto manufacturer. They are typically considerably lower than normal automotive loan the interest rate. Low interest financing can be as little as . Most manufacturers allow you to choose between the low-interest financing option or an incentive from the manufacturer, however, they do not allow both. The calculator presumes if you select low interest financing, you are not eligible for any manufacturer rebate.

Manufacturer rebates are rebates that are paid by the manufacturer of your vehicle to you at the time you purchase an automobile. The majority of manufacturers let you select either low-interest finance or manufacturer rebate, but not both.

There is no sales tax deduction when you trade-in a trade-in If you live in a state in which your sales tax is calculated on your full purchase price make sure you check this box. If the box is not checked, taxes are calculated based on the purchase price less the trade-in. Alaska, Delaware, Montana, New Hampshire and Oregon have no sales tax on autos.

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

Terms in months. Number of months to repay your car loan.

The total purchase price (before tax) It is the entire amount of your purchase. Include the cost of the vehicle, as well as any additional options and destination charges. Don't Include sales taxes in the figure. Sales tax will be calculated for you and included in your final after-tax cost. Trade allowance The amount you receive for any automobile that you exchange to make this purchase. In some states , a trade-in could also reduce your sales tax you be required to pay.

Traditional financing You may be able to receive from a credit union, or another lender. This usually has more expensive than the manufacturer's low-interest financing, however it is quite competitive when used in combination with rebates from manufacturers. This calculator assumes that you select a manufacturer rebate you're not eligible for manufacturer low interest financing.

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