How to use the Auto Loan Calculator

Use this tool to estimate your monthly payment cost on a new or used car loan based on the vehicle cost, interest rate, and loan term. Your exact payment may differ and interest rates can be hard to estimate without a solid understanding of your credit, so its important to keep in mind that the resulting figures are merely estimates. 

• Principle (Vehicle Price): The sum of cost and fees excluding interest

• Interest Rate: Annual Percentage Rate (APR) this will typical range from 3% to 18%, you may have a higher APR in Ohio based on your financial status.

• Loan Term (Months) -The loan term is the number of months it will take to pay off the loan if you are only paying the due amount each month. Loan terms range from 36-80 months with most people taking 60-month (5-year) loans. Terms shorter than that can yield very high payments and terms longer than 5 years require a strong credit history.

• Down Payment: The amount of cash you pay up front that goes directly towared the principle cost of the vehicle.

• Trade Value: Any cash value you are receiving from the dealer for a trade-in vehicle. Trade value functions the same as down payment.  

36 Months = 3 Years

48 Months = 4 Years

60 Months = 5 Years

72 Months  = 6 Years

 Most consultants recommend spending less than 10% of your monthly income on a car payment and less than 20% overall on vehicle expenses (gas, insurance, maintenance.).