7/12/2023 0 Comments Car loan calc with sales tax* Find out whether your state requires vehicle inspections, smog and emissions testing, or both. Sales taxes for a city or county in New York can be as high as 4.75, meaning you could potentially pay a total of 8.75 sales tax for a vehicle in the state. Sales tax will be calculated for you and included in your total after-tax price. When it comes to determining how much your new (or new to you!) car will cost, monthly car payments aren't your only financial concern.įor example, when determining your vehicle budget, you'll need to consider:Įach of these factors will help you determine how much owning your new or used vehicle will actually cost in the long run. Use our auto loan calculator to calculate your monthly car loan payment. Once you complete each of these steps, our calculator will provide you with an estimated car loan amount you need to finance as well as projected monthly payments. So, if your used vehicle costs 20,000 and you live in a state that charges a 6 sales tax, the sales tax will raise your car’s purchase price to 21,200, excluding any additional taxes or fees. ![]() Are you trading in a used vehicle? How much is that vehicle worth? How much money can you pay upfront for the vehicle? Generally, the higher the down payment, the lower the monthly payments. Be sure to talk with your lender about the pros and cons of shorter vs. Sometimes, the longer the loan term, the lower the monthly payments. This means how long you plan to make car payments. Currently, Bankrate provides auto loan interest rates based on three-month auto trends. You can do this on your own, or use an online tax calculator. Like the sales tax, the interest rate can vary greatly, often depending on whether the car is new or used how long you play to finance the car and even the date. Once you have the tax rate, multiply it with the vehicles purchase price. Keep in mind, there could be a difference between the sales tax for a new vehicle and the sales tax for a used vehicle. ![]() Sales tax varies by state, so you might need to contact your local motor vehicle agency to ask. ![]() Remember, you might get a better price at the dealership this step is just to get you started.
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