Vehicle Price
Enter the total price that you're expecting to pay for the vehicle. Exclude sales tax, but do include warranties and other extras you might buy. If you don't have a specific vehicle in mind, enter a ballpark amount. Always err on the side of caution when estimating a purchase price. You're better to assume you'll pay more and be pleasantly surprised than count on spending less and be scrambling at the last minute!
Down Payment
In this field on the auto loan calculator, enter your down payment. This field represents the amount of money you'll put towards the car upfront. Having a substantial down payment will increase your chances of being approved for a loan. Additionally, it will reduce the amount of interest you'll pay over its duration.
Interest Rate
Enter the rate that you'll pay for your auto loan. If you haven't applied for a loan, you can typically estimate these rates by looking at your financial institution's website. You'll see offers for "as low as" rates. These are for people with excellent credit. If you have a fantastic credit score, you can use that. Otherwise, add an appropriate buffer so you'll get a more realistic picture of what your monthly payment will be.
Loan Term
For this field of the auto loan calculator, enter the term of your loan. Most car loans are for 60 months or five years. However, shorter and longer loans exist. With shorter loans, you'll frequently have lower interest rates, and you'll pay less in interest overall. However, your monthly payments will be higher. You'll have smaller monthly payments with longer loans, but you'll pay more in interest charges. You may wish to play around with loan terms to find the one that will work for your finances!
Trade-In Value
If applicable, enter the amount you believe you'll get as a trade-in for your existing car. Be realistic. If you don't know how much your vehicle is worth, you may wish to look it up on
Kelley Blue Book. You'll need to answer a few questions, and you'll receive an estimated trade-in value! If you're considering selling your car privately, keeping your vehicle, or don't have an existing vehicle, enter $0 here. Usually, privately selling your current vehicle will get you the most money.
Sales Tax
All cars are typically subject to a sales tax (unless you live in a state with no sales tax). Enter the amount that you'll expect to pay in this field. Many auto loans will let you finance the vehicle's full cost plus the sales tax, so even if you can't afford to put anything down, you'll still be able to finance 100% of the total purchase price of your car!