In the latter case, the tax is calculated based on the purchase price less the trade-in amount. Some states calculate sales tax on the total purchase price, while others do not charge sales tax on the trade-in amount. Sales tax rate – The sales tax charged for the purchase is expressed as a percentage.The purchase’s outstanding balance is also the amount owed on trade. Trade allowance – This is the amount offered for a vehicle you trade-in as part of the purchase.The higher the cash down amount, the lower the financing required. Cash down – This is the partial payment amount made at the purchase time.A longer-term translates into smaller monthly payments, but the longer you stretch the duration, the more interest you pay. Term – This is the length of the loan, expressed in months.Total purchase price – This is the total vehicle cost, usually excluding the sales tax.Monthly payment – This is the monthly installment you pay for the loan.If you need the ability to print the amortization schedule, or more flexibility such as selecting different payment or compounding frequencies or the ability to calculate term or interest rate, please see the auto loan calculator here: Ĭancel Save changes Auto Loan Payment Calculator Results Explained The term (duration) of the loan is expressed as a number of months. This is handy when a lender requires a borrower to provide a minimum percentage cash deposit. Note that the calculator calculates what percentage the down payment is of the price of the car. Just enter a "0" (zero) for one of the three values and provide the other two. In addition to solving for the monthly payment amount, it will also calculate the "Car Price", the "Down Payment Amount" or the "Loan Amount". Unlike a general loan calculator, this calculator allows for two unknown values. Use this calculator to calculate loan details when the down payment is expressed as an amount.
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