Auto loan with trade-in
Finance price plus full-price sales tax and fees, minus trade-in and cash down.
How this works
Financed principal P = vehicle price × (1 + tax rate/100) + financed fees − trade-in credit − cash down payment. With monthly rate i = annual rate/1200 and n monthly payments, payment = P × i/[1 − (1+i)^(−n)]. At 0% interest, payment = P/n. Total interest = payment × n − P.
Example
The illustration may use different inputs from the reproducible default inputs listed below.
The default financed balance is $30,000 × 1.06 + $500 − $5,000 − $3,000 = $24,300. The monthly rate is 6/1200 = 0.005, with 60 payments. With all reset-default inputs, monthly payment: $469.79.
- Vehicle price ($)
- 30000
- Trade-in credit ($)
- 5000
- Cash down payment ($)
- 3000
- Sales tax on full price (%)
- 6
- Financed fees ($)
- 500
- Annual loan rate (%)
- 6
- Term (months)
- 60
- Monthly payment
- $469.79
Scope and assumptions
This fixed-rate model applies sales tax to the full vehicle price; local trade-in tax treatment may differ. Existing debt on the trade-in, unentered costs, variable rates and lender-specific payment rounding are excluded. It is not a loan offer.
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