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Car Loan versus Home Equity Loan Calculator

This car payment calculator will help you determine whether a home equity loan could be the better solution for your car purchase financing.

Often, home equity loans offer lower interest rates compared to car loans. They may also provide you with the benefit of tax deductibility of the interest due.

This Car Payment Calculator requires the SUN's Java™ Plug-in installed.

If you see this message, then you need to download the SUN's Java™ Plug-in. Do that automatically by clicking on the yellow bar at the top of your browser and installing ActiveX Control. You can also get SUN's Java™ Plug-in by visiting this link: get SUN's Java™ Plug-in!

Car Payment Terms Reference:

Term: The number of months for which you need to make your car payments in order to pay off the car loan.
Purchase price: The cost of your car before taxes and fees.
Auto loan interest rate (APR): The annual percentage rate (APR) charged for your car loan.
Cash down: The amount of cash you put down for the down payment of your car and fees.
Trade allowance: This is the total amount given to you for your car trade-in.
Amount owed on trade: The loan balance on the trade-in that is still unpaid.
Fees: Any fees due at delivery, as well as the fee for title transfer are included here.
Sales tax rate: The percentage rate of the sales tax levied on your car purchase.
Home equity interest rate (APR): The annual percentage rate (APR) for your home equity loan.
Home equity closing costs: Any additional costs you need to pay for your home equity loan are included here.
State and Federal tax rates: The state tax rate and the federal tax rate will be used to calculate your tax savings.
No sales tax deduction for trade-in: Some states do not allow tax deductions for trade-ins. If your state is one of those and takes the full purchase price when calculating the sales tax, you should check this box. If it calculates the sales tax on the car purchase price less the trade-in, leave it unchecked.

The information and interactive car payment calculators that are provided on this site are made available as general assistant guidance in regards to car loans and payments. We do not guarantee that any information or calculations will be accurate or applicable to your personal financial situation, circumstances, or objectives. Accordingly, before making any final decisions we encourage you to consult a qualified professional and get personalized advice.

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