CALCULATOR · FREE免费 · Free
Auto Loan Affordability Calculator
Set a monthly budget first, then work backward to the loan and price; this is less likely to overspend than shopping by payment. This only covers principal and interest; keep room for tax, insurance, fuel and maintenance.
--Max loan · $
--Max price · $
--Total interest · $
Estimates only; verify on site before ordering or building.
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Example
| Item | Value | Unit |
|---|---|---|
| Monthly budget | 500 | $ |
| Rate | 7 | % |
| Months | 60 | months |
| Down payment | 5000 | $ |
| Trade-in | 0 | $ |
| Max loan | 25251 | $ |
| Max price | 30251 | $ |
| Total interest | 4749 | $ |
Where people go wrong
- Spending the whole budget on the loan and leaving nothing for insurance or fuel.
- Forgetting sales tax and fees.
- Looking at price without rate and term.
FAQ
What payment budget is reasonable?
A common guide is 10 to 15 percent of take-home pay, with room for insurance, fuel and maintenance.
Does the price include tax?
No; tax, fees and insurance are extra.