How Much Car can I Afford?
How much car can you afford to buy?
Use this calculator to calculate the total price of the car you might consider purchasing based on how much you can afford for a monthly payment. And, factoring in down payment and trade-in, calculates the loan amount and loan schedule you will need to make up any difference. This calculator should give you a rough idea of your car price range. Once you are ready, you'll need to get professional loan advice on your actual affordability. Other factors include your credit rating and fees that you pay up front or roll into the loan.
- Car Payments
- The monthly amount you want or can afford to pay for a car loan
- Car Sales Tax
- How much tax will you be charged on this car price. Sales taxes by state
- Down Payment
- The amount of cash on hand you will be able to put toward this purchase and not borrow in the loan
- Trade In Value
- What will the dealer give you as cash value for any trade in vehicle you will be using in this transaction
- Loan Term
- How long will you take to pay back the loan in years or months? What is the loan term?
- Interest Rate
- The annual stated rate of your loan.
- Car Price You can Afford
- This is likely the asking price of the car you can consider.
- Car Loan Needed
- Considering all of the factors you entered, this should be the actual loan amount you will need to apply for.
For a simple auto loan calculation use this car loan calculator. You can also create a table of payments if you want to investigate various loan options.