Auto Loan Calculator

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Buying a new car or auto is not a simple purchase like just writing a check or directly handing over the cash. It is aware that some part of the amount is financed. If one does finance of an auto or a car it is mandatory to understand how much of monthly payments should be done.

To solve this issue, one can use this Online Auto Loan Calculator to find the monthly EMI payments for the Auto Loan taken.

Auto Loan

In terms of finance, the term Loan is defined as lending money to borrower provided the borrower returns it with interest as EMI. Two types of auto loans are involved in this. One is a direct Auto loan and another is Indirect Auto Loan.

Direct Auto Loan

In Direct Auto Loan, The borrower can procure Loan directly from the Bank.

In-Direct Auto Loan

In Indirect Auto Loan, the borrower cannot receive a loan directly from the bank. Instead, a car dealership acts as an intermediate link between borrower and the Bank.

Auto Loan Calculator

A Calculator is required to determine the EMI of Auto Loan for a borrower to estimate how much money needs to be paid. This Calculator tool is provided to match the requirement of the borrower for Loan EMI calculation.

Usually, Auto Loan Calculator includes some vital factors to calculate the Auto Loan information. This Calculator provides the information of the Total amount of Auto Loan will be received. Also, it provides information on the monthly payments needs to be paid up to recover the Auto Loan.

How to Calculate Total Loan Amount

Total Loan Amount Calculation includes sales taxes according to the respective states, down payment, trade-in values and Registration charges.

  • Enter purchase amount of Auto and amortization period of the Auto Loan.
  • Interest Rate carried during the Amortization period is to be entered.
  • Enter the details of Down payment, Trade-in values.
  • Sales tax is needed to be entered which is rated according to respective states.
  • Registration fees need to be entered.
  • If Loan should involve all Fees, then select “Add All Fees in Loan” option.
  • Click on “Calculate” to find the Total Auto Loan Amount.

How to Calculate Monthly Loan Payment

Monthly Loan payment is nothing but the EMI which is paid to recover the Loan borrowed by the Consumer.

  • Enter purchase amount of Auto and amortization period of the Auto Loan.
  • Interest Rate carried during the Amortization period is to be entered.
  • Enter the details of Down payment, Trade-in values.
  • Sales tax is needed to be entered which is rated according to respective states.
  • Registration fees need to be entered.
  • If Loan should involve all Fees, then select “Add All Fees in Loan” option.
  • Click on “Calculate” to find the Monthly payment of Auto Loan Amount.

Here, we will know some terms in brief.

Down Payment

This is a payment involved in the purchase of expensive items like Car, Auto and House. Down payment is an initial upfront part of Total Amount due which is usually paid in Cash.

Trade In Value

This is an amount usually offered by the Car Dealer for your Old Vehicle. This amount is applied as a payment for the new purchase of a Vehicle. This helps in reduction of Loan and payments in a new purchase of Vehicle. It is included in Total Loan amount if indirect Auto Loan is chosen by the Loan borrower.

Online Auto Loan Calculator tool to determine the Total Loan Amount and Monthly payments involved in Loan amount with great ease. The user can use this tool at free of cost which gives instant results.