Auto Loans
An auto loan is a secured installment loan used to finance a vehicle. The monthly payment generally consists of principal and interest, while taxes, registration and other purchase costs may be paid upfront or financed.
How to use this auto loan calculator
Enter the vehicle price, loan term and interest rate. You can also account for cash incentives, a down payment, trade-in value, remaining trade-in debt, sales tax and fees. Choose whether taxes and fees should be included in the financed amount.
Trade-in value
A trade-in reduces the amount you need to finance. If the existing vehicle has a loan balance greater than its trade-in value, the difference is negative equity and increases the amount that must be covered by the transaction.
Paying upfront or financing taxes and fees
Financing taxes and fees increases the loan principal and therefore increases both the monthly payment and total interest. Paying these costs upfront can reduce the amount financed.