Auto Loan Calculator

Auto Price$  
Loan Termmonths
Interest Rate%
Down Payment$ 
Trade-in Value$ 
Sale Tax%
Title, Registration
and Other Fees

Monthly Pay:   $372.86

Total Loan Amount$20,000.00
Sale Tax$1,750.00
Upfront Payment$7,050.00

Total of 60 Loan Payments

Total Loan Interest$2,371.62
Total Cost (price, interest, tax, fees)$29,421.62

Find Average Tax Rate and Fees in Your State.

Loan Breakdown

Amortization Graph

Related:lease calculator | loan calculator

This is a fixed-interest loan calculator specially customized for auto loans, taking the down payment, trade-in value, and sales tax, etc into consideration. This auto loan calculator can assess the monthly payment, total payment amount, interest, and amortization schedule of a one-time auto loan.

Other than paying with cash, the two other ways of purchasing a vehicle are via auto loans and leases. Leases normally are available for new vehicles sold in the United States. At the end of the lease, the buyer normally has the option of either returning the vehicle or buying it. Normally, the monthly lease payment is lower than a monthly loan payment because the buyer is only paying for the vehicle's depreciation. However, the total cost of the lease plus buy out is higher than the cost of purchasing the automobile with a loan. Please use our Lease Calculator to compare the two.

Auto loans normally can be approved for both new and used vehicles. In the United States, buyers can get a pre-approved loan from a lender and then purchase an automobile from a dealership or other source. However, most people will apply for the same-day auto loan from the dealership, right after they make the decision to purchase. Normally, an auto loan is secured by the vehicle. This means the lender is the lien (title) holder of the vehicle until the loan is paid off. Because lenders hold the lien on the vehicle, most have certain requirements, especially insurance requirements, which the borrower must meet. The borrower is also responsible for keeping the vehicle in good condition. If the borrower fails to meet these requirements or make the payments, the lender can repossess the vehicle without the borrower's permission.

Sometimes, the auto maker or dealer will provide Incentives for the purchase of a certain model of vehicle in the form of low interest rate loan or rebate. Be sure to do the research first before talking to a dealer.

Typical Fees for Vehicle Purchase

When purchasing a vehicle, the buyer should be prepared to pay the costs other than the vehicle prices. These costs may be included in the loan to avoid hefty upfront payment. The following is a list of the common fees in the United States. Any other charges by the auto dealer will be specious and worth double check.

  • Sales Tax—Most states in the United States collect sales tax for auto purchase. Within those collect taxes, a small amount of states collect tax based on the full price of the car. Most states collect sales tax based on the difference between the new car and trade-in price, if applicable.
  • Document Fees—This is a fee collected by the dealer for processing documents like title and registration. Typically, it should be between $150 and $300.
  • Title and Registration Fees—This is the fee collected by states for vehicle title and registration. Dealer will handle the paper work. Most states charges less than $300 for title and registration.
  • Advertising Fees—It a fee that regional dealer pays for promoting the manufacturer's automobile in the dealer's area. If not charged separately, the Advertising Fees are included in the auto price. Typical price tag for this fee is a few hundred dollars.
  • Destination Fee—This is a fee that covers the shipment of the vehicle from the plant to the dealer's office. Typically, this fee is between $600 and $1,000.
  • Insurance—In the United State, insurance are required before you can drive on the public road. The auto dealer will require you to have insurance before they can process the paper works. If you purchased auto via loan, you are required to purchase a full coverage of the vehicle. The insurance typically cost more than $1,000 a year for a full coverage. Most auto dealer can provide short-term (1 or 2 months) insurance for paper work processing so that you can deal with the insurance later.