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Car Payment Comparison Calculator

When comparing potential auto loans rates it is best to check direct financing from a bank, credit union or online lender against low interest financing and rebate offers from a dealership.

Calculate your car payments

This car payment calculator will help compare financing between a credit union or bank and low interest dealer financing. Dealers or manufacturers often offer rebates or low-interest financing, but rarely both together. Combining a rebate with a higher interest bank or credit union car loan may provide a lower initial loan balance and, in many cases, a lower monthly payment. The better choice depends on the price of the vehicle, the amount of the rebate and the interest rate.

How to calculate your car payments

To find if an auto rebate or low interest financing is best for you, simply enter some information about your loan options. By adjusting the auto financing numbers, you can easily compare both the loan amount you would have to finance and the total payments you would make over the life of each loan. You can also view and print the full report with a complete list of the components used to calculate the values.

Auto rebates vs. low interest financing 

While an auto loan rebate and low interest financing both save you money, they do so differently. 

  • A rebate is an incentive that will give you money back in exchange for the vehicle purchase. Its main benefit is lowering your total loan amount because it will likely be applied to your down payment. 
  • Low interest financing, on the other hand, means that you finance the full cost — minus your down payment — but you pay less interest over the life of the loan. 

Dealers or manufacturers often offer rebates or low interest financing, but rarely both together. Combining a rebate with a bank or credit union car loan may provide a lower initial loan balance and, in many cases, a lower monthly payment. The better choice depends on the price of the vehicle, the amount of the rebate and the interest rate.

Likely, an auto rebate will save you more money but it is important to calculate the expected costs before agreeing to one over the other.  

 

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