Auto Loan and Vehicle Calculators

With a loan you borrow to buy the vehicle and own it, building equity as you pay. With a lease you pay for the vehicle's expected loss in value during the lease plus a finance charge, then return it. Lease payments are often lower, but you have nothing to sell at the end unless you buy the vehicle out.

The purchase-loan calculators include sales tax, figured on the price minus any trade-in, but not dealer, title or registration fees. The lease calculator shows payments before tax. Add fees to the price if you will finance them, and add your state's lease tax to the payment. The comparison tools generally assume taxes and fees are the same under both options, so add any differences yourself.

Multiply the money factor by 2,400 to get an approximate APR. A money factor of 0.0025 is roughly 6%. It is an approximation used to compare a lease's finance cost with a loan rate, not a formally disclosed APR. Ask the dealer for the money factor in writing, because a quote of just a monthly payment makes the finance charge invisible.

Boats and RVs usually cost more than cars, and lenders often offer 10- to 20-year terms to keep payments manageable. Longer terms raise total interest considerably, and the balance can stay above the vehicle's value for years. The boat and RV calculators let you compare terms side by side. A larger down payment or a shorter term keeps the balance closer to what the boat or RV is worth.

Negative equity means you owe more on the loan than the vehicle is worth. It is common early in long loans because vehicles lose value quickly. If you trade the vehicle in, the shortfall is often added to your next loan, raising the payment and interest. Paying extra principal, making a larger down payment and choosing a shorter term all reduce the chance of ending up underwater.

Most auto loans have fixed rates, so the payment stays the same for the whole term. These calculators assume a fixed rate. If your loan has a variable rate, the payment or term could change, and the results here become estimates for the current rate only. Your contract states whether the rate is fixed or variable, along with the APR and total finance charge.

Yes. The math is the same for new and used vehicles. What changes is the rate and maximum term lenders offer, which can be less favorable for older vehicles. Enter the actual quote for the vehicle you are considering. Sales tax generally applies to used vehicles too, including many private-party sales, which are taxed when you register the vehicle.

Insurance, fuel, maintenance, repairs, registration, parking and, for boats and RVs, storage are not included. They can add significantly to the monthly cost of ownership. Budget for them separately alongside the loan or lease payment. Comparing these costs between vehicles, such as fuel economy figures for different models, can change which option fits your budget.

The Consumer Financial Protection Bureau publishes guides on auto loans, including how dealer financing works, what to ask before signing and how to resolve problems. Federal Truth in Lending rules require lenders to disclose the APR and finance charge on a vehicle loan before you sign. Reading the contract before signing, and asking for anything you do not understand to be explained, protects you more than any calculator can.