Auto loan calculator with tax and trade

Q: How is auto trade payoff amount calculated?

Heres How It Works: You take the selling price of the vehicle youre buying, add tax and title fees, subtract your trade- in allowance, then add your payoff to the total. This gives you your total amount due. Subtract from that any cash down and/or rebates and you have the amount to be financed on the new loan.

Use this calculator to help you determine your monthly car loan payment or your car purchase price. After you have entered your current information, use the graph options to see how different loan terms or down payments can impact your monthly payment. You can also examine your complete amortization schedule by clicking on the "View Report" button.

Table of Contents Show

How is auto trade payoff amount calculated?
Is it smart to do a 72 month car loan?
How do I calculate my car loan payment?
Is 3% good for a car loan?

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

How do auto loans differ by state?

The precise fee differences stem from tax, tags, title, rebate, trade-in value, and doc fees.

Auto loan monthly payments vary by state on equally priced vehicles because the elements that make up the amount financed in additional to the sale price vary by state.

Not only does the cost of tax and tags differ by state, but also the method for calculating the taxable amount.

What amounts are taxed?

Here's the list of taxable fees that may be written into a car loan depending on state policies:

dealer documentation fee
trade-in value
rebates
service plans
gap insurance

Select your state to preload our calculator with accurate tax handling, dealer doc fees, and the estimated DMV cost for your location.

How is tax calculated?

Four states charge tax on the full sale price plus the documentation fee, while the rest give credit for trade-in values or factory rebates.

Sixteen states charge tax on extended warranties, maintenance plans, or gap insurance while the others do not.

Select your state to view your method.

What amounts are taxed?

Here's the list of taxable fees that may be written into a car loan depending on state policies:

dealer documentation fee
trade-in value
rebates
service plans
gap insurance

Select your state to preload our calculator with accurate tax handling, dealer doc fees, and the estimated DMV cost for your location.

Is my trade-in payoff calculated?

Yes!

Obtain your bank payoff here, and include the amount as a trade-in payoff in your state's calculator.

How are DMV fees calculated?

Some states calculate registration fees with a fluctuating flat fee based on vehicle type, weight, model year, or usage. Other states use a percentage of the sale price or MSRP that decreases by a percentage each year.

You heard that right!

Many states use a percentage of a percentage. The calculator will preload the accurate method for your state.

Why does registration cost more than listed on the fee schedule?

All transfer fees must be combined to calculate the total.

Conclusion

Vehicle tax and tags are never one simple DMV fee and full registration can add up quickly including charges for: lien filing, ownership transfer, title certificate, temporary tag, vin verification, emissions check,

weight fee, horsepower surcharge, tire recycling, highway usage, rush fee, street beautification, and wheel tax in addition to ad valorem property tax.

Don't worry!

We already checked it out for your state and preloaded the calculator with a close estimate to what you will pay. We also provided source links on each state page in case you want to dive deeper into research.

Use our auto loan calculator to estimate your monthly car loan payments. Enter a car price and adjust other factors as needed to see how changes affect your estimated payment.

Car price

Down payment

Trade-in value

Estimated sales tax

Other fees*

not included

Total loan amount

Total interest paid
(over life of loan)

Total loan & interest paid

Monthly payment

*Title and other fees and incentives are not included in this calculation, which is an estimate only. Monthly payment estimates are for informational purpose and do not represent a financing offer from the seller of this vehicle. Other taxes may apply.

How is auto trade payoff amount calculated?

Here's How It Works: You take the selling price of the vehicle you're buying, add tax and title fees, subtract your trade- in allowance, then add your payoff to the total. This gives you your total amount due. Subtract from that any cash down and/or rebates and you have the amount to be financed on the new loan.

Is it smart to do a 72 month car loan?

Is a 72-month car loan worth it? Because of the high interest rates and risk of going upside down, most experts agree that a 72-month loan isn't an ideal choice. Experts recommend that borrowers take out a shorter loan. And for an optimal interest rate, a loan term fewer than 60 months is a better way to go.

How do I calculate my car loan payment?

To calculate your monthly car loan payment by hand, divide the total loan and interest amount by the loan term (the number of months you have to repay the loan). For example, the total interest on a $30,000, 60-month loan at 4% would be $3,150.

Is 3% good for a car loan?

The average auto loan interest rate is 4.33% for new cars and 8.62% for used cars, according to Experian's State of the Automotive Finance Market report for the second quarter of 2022. With a credit score above 780, you'll have the best shot to get a rate below 3% for new cars.