Collection
Car buying calculators from first quote to payoff
These car buying calculators follow the order most purchases happen in. Work out a payment and total cost you can live with before you visit a dealer, then compare a rebate against low-rate financing, weigh leasing against buying or paying cash, and check how a home equity loan compares. After you buy, the same set shows what early payoff or refinancing would save.
The calculators, in order
- 1 Auto & Vehicle
Car Loan Calculator
How is a car loan payment calculated?
- 2 Auto & Vehicle
Rebate vs. Low APR Calculator
Is it better to take the rebate or the low APR?
- 3 Auto & Vehicle
Lease vs. Buy Car Calculator
Is it cheaper to lease or buy a car?
- 4 Auto & Vehicle
Car Lease Calculator
How is a car lease payment calculated?
- 5 Auto & Vehicle
Lease vs. Pay Cash Calculator
Is it better to pay cash for a car or lease it?
- 6 Auto & Vehicle
Home Equity vs. Car Loan Calculator
Is a home equity loan cheaper than a car loan for buying a vehicle?
- 7 Auto & Vehicle
Car Loan Payoff Calculator
How much do you save by paying extra on a car loan?
- 8 Auto & Vehicle
Auto Refinance Calculator
Is it worth refinancing a car loan?
Who is this collection for?
Anyone shopping for a new or used vehicle, from a first car to a family upgrade. It also helps after the purchase, when you want to pay the loan off early or see whether refinancing makes sense.
Start before you are at the dealership. Numbers worked out at home are easier to compare calmly than numbers presented across a desk.
Step by step
In what order should you run the numbers?
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Set your payment and total cost
Use the car loan calculator with your price, down payment, trade-in, sales tax, rate and term.
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Weigh the dealer offers
If you are offered a cash rebate or a low promotional rate, compare them in the rebate vs. low APR calculator.
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Decide lease, buy or cash
Compare leasing with buying in the lease vs. buy calculator, estimate a lease payment in the car lease calculator, and check leasing against paying cash.
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Check other ways to borrow
If you own a home, compare a home equity loan with an auto loan, keeping in mind that it puts your home on the line.
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Plan the payoff
After you buy, use the early payoff and auto refinance calculators to see what extra payments or a lower rate would save.
How do buying, leasing and paying cash differ?
| Aspect | Finance a purchase | Lease | Pay cash |
|---|---|---|---|
| Monthly payment | Covers the full price plus interest | Covers expected depreciation plus a finance charge | None |
| Ownership at the end | You own the vehicle | You return it or buy it out | You own it from day one |
| Mileage limits | None | Yes, with per-mile charges if exceeded | None |
| Upfront cost | Down payment, taxes and fees | Due-at-signing amount, taxes and fees | Full price, taxes and fees |
| Main trade-off | Interest cost | Never building equity | Cash you can no longer save or invest |
What should you bring to the dealership?
- A preapproved rate from a bank or credit union, if you have one
- Your target out-the-door price
- Your trade-in's estimated value and any payoff amount
- Your state's sales tax rate
- The longest term you are willing to accept
Frequently asked questions
Should I focus on the monthly payment or the total price?
The total price and total cost of the loan. A dealer can lower a monthly payment by stretching the term, which usually raises total interest. Negotiate the out-the-door price first, then compare financing offers by APR and total cost. The car loan calculator shows both figures for any term.
Is a cash rebate better than 0% financing?
It depends on the rebate size, the rate you could get elsewhere and the term. Taking the rebate with outside financing can cost less than the promotional rate, or the reverse. The rebate vs. low APR calculator compares the two side by side.
Over several years, does leasing or buying usually cost less?
Over many years, buying and keeping a car usually costs less because you stop making payments once the loan is paid off. Leasing can cost less over a short period and keeps payments lower, but you build no ownership. The lease vs. buy calculator compares both over the period you choose.
How long should a car loan be?
Shorter terms cost less in interest and reduce the time you owe more than the car is worth. Longer terms lower the payment. Compare a few terms in the car loan calculator and pick the shortest payment that fits your budget comfortably.
Does a trade-in lower the sales tax on a new car?
In many states the trade-in value is subtracted before sales tax is calculated, but not in every state. Check your state's rule, then reflect it in the car loan calculator's trade-in and sales tax fields. The difference can be meaningful on a higher-priced vehicle, so it is worth confirming before you agree to a deal.
Is using a home equity loan for a car a good idea?
It may carry a lower rate, but it is secured by your home, and spreading a car purchase over a long home equity term can raise total interest. The home equity vs. car loan calculator shows the cost difference; the risk to your home is a separate consideration.
When does refinancing a car loan make sense?
When you can get a meaningfully lower rate, there are few or no fees, and you do not extend the term so far that total interest rises. The auto refinance calculator shows the monthly and total savings. Check for prepayment penalties on your current loan before you apply.
What does it mean to be upside down on a car loan?
It means you owe more on the loan than the car is worth. It is common early in long loans with small down payments. Rolling negative equity into a new loan adds to the amount financed and the interest you pay.
Other collections
Know your number before the dealer does
Start with the car loan calculator and your own price, rate and term.