- 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 your auto 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.
- Sales tax
rate
- Sales tax percentage
rate charged on this purchase.
- Low interest
financing
- The incentive
interest rate you may be able to receive from an auto manufacturer.
These rates are usually signficantly below standard auto loan interest
rates. Low interest financing can be as little as 0% per year. Most
manufacturers allow you to choose either low interest financing or
a manfacturer rebate, but not both. This calculator assumes that if
you choose low interest financing you are not eligible for any manufacturer
rebate.
- Manufacturer
rebate
- A cash rebate
paid by the auto manufacturer to you when you purchase a new vehicle.
Most manufacturers allow you to choose either low interest financing
or a manfacturer rebate, but not both.
- Traditional
financing
- The interest
rate you may be able to receive from an bank, credit union or other
lender. This is usually a higher interest rate than the manufacturer's
low interest financing, but is often very competitive when used in
combination with a manufacturer rebate. This calculator assumes that
if you choose a manufacturer rebate you are not eligible for manufacturer
low interest financing.
- 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.
- Calculate
sales tax before rebate
- Some states
will calculate sales tax on your purchase price before a manufacturer's
rebate is applied. If your state calculates sales tax on the vehicle
price before the rebate is applied, check this box.
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