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Credit Center: Calculate
Plan the payments for your next car with interactive tools that make financing simple.
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AutoTrader.com Tools
Calculator Definitions
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Amount Owed on Trade-In
The total amount of money you still owe on the current financing for a trade-in vehicle if you're still making payments. To get your exact payoff amount, contact your lender.
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Down Payment
When you purchase a vehicle with a loan, this represents the money you pay at the beginning of the financial agreement to lower the total amount you finance.
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Interest Rate (APR)
When you purchase a vehicle with a loan, this is the percentage dollar amount that determines the yearly cost of credit. For instance, if you took out an $8,500 loan with an interest rate of 7.9% and a 36-month term, at the end of the loan your total payments would equal $9,575.03. The difference between the initial amount of your loan and what you paid, which in this example is $1,075.03, is the cost of using credit which was established by the interest rate.
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Length of Loan
How long you make payments to a loan, most commonly expressed in months. Also referred to as a "term." A loan with a term of 36 months, for instance, indicates that you will make 36 monthly payments during the life of the loan.
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Monthly Payment
The approximate amount of money you will be required to pay each month on a loan.
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Rebates
Incentives, usually cash based, that a manufacturer gives you toward the purchase of a vehicle. Rebates are typically applied as a down payment that reduces the vehicle price.
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Sales Tax
The percent of state sales taxes that will be applied to the vehicle price. Remember, this could be based on the state and locality where you register the vehicle, not necessarily where you purchase it.
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Trade-In Value
The amount of money your current vehicle is worth toward the purchase of another vehicle. Keep in mind that dealerships will take the difference between the Trade-In Value and the Amount Owed on Trade-In to determine how much money should be applied to the sale.
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Vehicle Price
The dollar amount you pay for the vehicle before sales tax and additional factors, such as rebates, are applied.
Affordability Calculator
Fill out the information below to estimate your monthly loan payment.
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Please fill out all of the required fields to estimate a vehicle price.
Please enter a number greater than 0 in "Length of Loan."
This tool is an anonymous educational resource that gives you a general look at financial calculations. This calculation assumes that sales tax is applied to the entire vehicle price. Sales tax may vary by state and locality. We recommend you work with dealership representatives and members of the financial institutions you trust to help determine your exact options.