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Use
this calculator to help you determine your monthly
auto loan payment or your auto purchase price. After
you have entered your current information, use the
graph options to see how different loan terms or
downpayments can impact your monthly payment. You
can also examine your complete amortization schedule
by clicking on the "View Report" button.
DEFINITIONS
- Monthly
payment
- Monthly
payment for your auto financing.
- Total
purchase price (before tax)
- This
is the total cost of your auto purchase.
Include the cost of the vehicle, any additional
options and any destination charges. Don't
include sales tax in this amount. Sales
tax will be calculated for you and included
in your total after tax price.
- Term
in months
- Number
of months for this loan.
- Interest
rate
- Annual
interest rate for this loan.
- Cash
down
- Total
amount of cash used in this purchase.
The larger your cash down payment the
smaller the loan you will need to finance
this purchase.
- Trade
allowance
- The
total amount that you are given for any
automobile that you trade-in as part of
this purchase. In some states a trade-in
can also reduce the amount of sales tax
you will owe. See the definition for "Sales
tax deduction for trade-in" for more information
on trade-in vehicles and sales tax.
- Amount
owed on trade
- Total
loan balance still outstanding on the
trade-in.
- Non-taxable
fees (optional)
- Any
additional fee that is not subject to
sales tax. This usually includes document
fees or any other fees that may be due
at delivery and are not taxable.
- Taxable
fees (optional)
- Any
additional fee that is subject to sales
tax. This usually includes title transfer
fees or any other fees that may be due
at delivery and are taxable.
- Sales
tax rate
- Sales
tax percentage rate charged on this purchase.
- No
sales tax deduction for trade-in
- If
you live in a state where your sales tax
is calculated on your full purchase price,
check this box. If this box is unchecked,
sales tax is calculated on the purchase
price less trade in. Currently California,
the District of Columbia, Hawaii, Maryland,
and Michigan allow no deductions for trade-ins
when calculating sales tax. In addition,
Alaska, Delaware, Montana, New Hampshire,
and Oregon have no sales tax on autos.
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