Step-by-Step Guide
Professional Features: This calculator includes row-by-row rounding for accuracy, dynamic frequency support, Excel export functionality, and full TILA compliance with US consumer protection laws.
1 Vehicle Information
Vehicle Price (MSRP)
Enter the Manufacturer's Suggested Retail Price (MSRP) of the vehicle you want to purchase. This is the sticker price before any negotiations or discounts.
- Find this on the vehicle's window sticker
- Include all factory-installed options
- Don't include dealer add-ons yet (we'll add those separately)
Trade-in Value (Optional)
Check the box if you're trading in your current vehicle. Enter its estimated value and any remaining loan balance.
- Use Kelley Blue Book or similar valuation tools
- Be realistic about your vehicle's condition
- Consider getting multiple appraisals
- Reduces your loan amount
2 Down Payment & Fees
Cash Down Payment
The amount of cash you're putting down on the vehicle purchase.
- Larger down payments reduce monthly payments
- May help you qualify for better rates
- Consider your emergency fund before committing
Sales Tax Rate
Select your state's sales tax rate from the dropdown menu.
- Rates vary by state and sometimes by county
- Some states have no sales tax on vehicles
- Choose "Custom Rate" if your rate isn't listed
Dealer Processing Fee
Also called "doc fee" or "administrative fee" - what the dealer charges for paperwork.
- Typically ranges from $200-$800
- Varies by state and dealer
- Sometimes negotiable
Title & Registration
Fees for transferring the vehicle title and registering it in your name.
- Varies by state
- Usually $100-$300
- May include license plate fees
3 Loan Terms
APR (Annual Percentage Rate)
The interest rate including all fees, as required by the Truth in Lending Act (TILA).
- Includes interest and certain fees
- Lower APR = lower total cost
- Based on your credit score and loan terms
- Shop around for the best rate
Loan Term
How long you'll take to pay off the loan.
- Shorter terms = higher payments but less interest
- Longer terms = lower payments but more interest
- Consider your budget and financial goals
- Most auto loans are 36-72 months
4 Choose Payment Frequency
Payment Frequency Options
Select how often you want to make payments:
- Monthly: Standard monthly payments (12 payments per year)
- Fortnightly: Every two weeks (26 payments per year)
- Weekly: Every week (52 payments per year)
Note: More frequent payments can reduce total interest and loan term.
Extra Payment (per period)
Additional amount you plan to pay each period (monthly/fortnightly/weekly).
- Reduces total interest paid
- Pays off loan faster
- Even small amounts make a difference
- Check for prepayment penalties
5 Review Your Results
Loan Summary
After clicking "Calculate Loan," you'll see:
- Dynamic Payment Label: Shows "Monthly Payment," "Fortnightly Payment," or "Weekly Payment" based on your selection
- Extra Payment Summary: Displays your extra payment amount under the main payment
- Total Interest: Total interest paid over the loan term (calculated with row-by-row rounding)
- Total Amount Payable: Total cost including principal, interest, and fees
- Loan Breakdown: Detailed breakdown of all costs including taxes
- Payment Schedule: Complete payment schedule with all periods
Excel Export Feature
Click the "Export to Excel" button to download a professional Excel file containing:
- Summary Sheet: All loan details, TILA compliance information
- Schedule Sheet: Complete payment schedule with all periods
- TILA Compliance: US regulatory compliance indicators
- Professional Format: Ready for lenders, accountants, or personal records
Understanding US Auto Loan Regulations
TILA Requirements
The Truth in Lending Act (TILA) requires lenders to disclose:
- APR: Annual Percentage Rate including all finance charges
- Finance Charge: Total cost of credit
- Amount Financed: Net amount of credit provided
- Total of Payments: Total amount you'll pay
- Payment Schedule: Number, amounts, and timing of payments
Consumer Protection Laws
Additional protections under various US laws:
- Fair Credit Reporting Act: Credit report accuracy and privacy
- Equal Credit Opportunity Act: Prevents discrimination in lending
- Fair Debt Collection Practices Act: Protects from abusive collection
- State Laws: Additional protections vary by state
Professional Calculator Features
Advanced Features:
- Row-by-Row Rounding: Every calculation is rounded to the nearest cent for accuracy
- Dynamic Frequency Support: Automatic adjustment for monthly, fortnightly, and weekly payments
- Schedule-Driven Totals: All totals calculated from the actual payment schedule
- Accurate End Dates: Loan end dates calculated based on actual payment frequency
- Excel Export: Professional Excel files with summary and schedule sheets
- TILA Compliance: Full US regulatory compliance
Tips for US Car Buyers
Before Applying for a Loan:
- Check your credit score with all three bureaus (Experian, Equifax, TransUnion)
- Compare rates from multiple lenders
- Consider the total cost, not just monthly payments
- Factor in ongoing costs like fuel, insurance, and maintenance
- Read the loan contract carefully before signing
- Understand your TILA consumer rights
- Use the Excel export to compare different loan scenarios
Red Flags to Watch For:
- Lenders who don't disclose APR clearly
- High dealer processing or documentation fees
- Prepayment penalties
- Pressure to sign quickly
- Unclear terms and conditions
- Hidden fees not disclosed upfront
Frequently Asked Questions
What is the difference between interest rate and APR?
Interest Rate: The cost of borrowing money. APR: The total cost of credit including interest and certain fees, as required by TILA.
Can I pay off my auto loan early?
Most auto loans allow early repayment, but some may charge prepayment penalties. Check your loan contract for details.
What happens if I miss a payment?
Missing payments can result in late fees, damage to your credit score, and potentially repossession of your vehicle.
Is a larger down payment better?
Generally yes - a larger down payment reduces the amount you need to finance, which can mean lower monthly payments and less total interest.
What is TILA compliance?
The Truth in Lending Act requires lenders to clearly disclose all loan terms, including APR, total cost, and payment schedule.
How accurate are the calculations?
Our calculator uses row-by-row rounding to the nearest cent, ensuring that all totals match exactly with the payment schedule. This provides the same accuracy as professional lending software.
Can I export my calculations?
Yes! Click the "Export to Excel" button to download a professional Excel file with your complete loan details and payment schedule.