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Using Our Car Loan Affordability Calculator

This calculator is designed to give you some idea about how much you could afford to spend on a new car.

The first step is to enter the details of how much you could afford each month in payments, and the proposed car loan variables in the fields above:

  • Max Payment/mo - The maximum you could afford to pay every month on your loan
  • Down Payment - The amount of money that you will be putting down yourself on the car
  • Trade In - If you will be trading in your current car, put it's expected value here
  • Owed on Trade - If you will be trading in and owe money on that vehicle, enter the amount here
  • Interest Rate - The interest rate that you will pay on the loan
  • Sales tax - The amount of sales tax levied in your area
  • Term (Months) - The number of months that your loan will run over, typical terms for a car loan are 36, 48 or 60 months

Once you enter your details click "Calculate" and the calculator will provide your results.

Understanding the Results - Affordability Summary

This table provides four pieces of information:

  • Spending Limit - This is how much you could afford to spend on a car, the amount includes your down payment and trade in
  • Loan Amount - The amount that could be borrowed given your maximum repayments, interest rate and loan term
  • Down Payment - The amount of money you will add to the loan amount
  • Trade In Value - The amount that you will get for trading in your current vehicle which is added to the spending limit

Final Note

While this calculator can give you a good idea about how much you could potentially spend on a car, it is not professional advise and should not be relied upon to make your final purchasing decision. Always consider your personal financial position before borrowing money or making large purchasing decisions.

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Affordability Summary

Spending Limit
$21,290.16
Loan Amount
$21,290.16