.clc-grid { display: grid; grid-template-columns: 1fr 1fr; gap: 20px; margin-bottom: 20px; }
.clc-input-group { display: flex; flex-direction: column; }
.clc-input-group label { font-weight: 600; margin-bottom: 8px; color: #333; font-size: 14px; }
.clc-input-group input { padding: 10px; border: 1px solid #ddd; border-radius: 4px; font-size: 16px; transition: border-color 0.3s; }
.clc-input-group input:focus { border-color: #007bff; outline: none; }
.clc-btn { width: 100%; padding: 15px; background-color: #007bff; color: white; border: none; border-radius: 4px; font-size: 18px; font-weight: bold; cursor: pointer; transition: background 0.3s; margin-top: 10px; }
.clc-btn:hover { background-color: #0056b3; }
.clc-results { margin-top: 30px; background-color: #f8f9fa; padding: 20px; border-radius: 6px; border-left: 5px solid #007bff; display: none; }
.clc-result-row { display: flex; justify-content: space-between; margin-bottom: 10px; font-size: 16px; color: #555; }
.clc-result-row.highlight { font-size: 22px; font-weight: bold; color: #333; border-top: 1px solid #ddd; padding-top: 10px; margin-top: 10px; }
.clc-article { margin-top: 50px; line-height: 1.6; color: #444; }
.clc-article h2 { color: #2c3e50; border-bottom: 2px solid #eee; padding-bottom: 10px; margin-top: 30px; }
.clc-article h3 { color: #34495e; margin-top: 25px; }
.clc-article p { margin-bottom: 15px; }
.clc-article ul { margin-bottom: 15px; padding-left: 20px; }
.clc-article li { margin-bottom: 8px; }
@media (max-width: 600px) { .clc-grid { grid-template-columns: 1fr; } }
function calculateCarLoan() {
// Get values
var price = parseFloat(document.getElementById('vehiclePrice').value);
var tradeIn = parseFloat(document.getElementById('tradeInValue').value);
var downPayment = parseFloat(document.getElementById('downPayment').value);
var taxRate = parseFloat(document.getElementById('salesTax').value);
var interestRate = parseFloat(document.getElementById('interestRate').value);
var months = parseFloat(document.getElementById('loanTerm').value);
// Validation
if (isNaN(price) || price < 0) price = 0;
if (isNaN(tradeIn) || tradeIn < 0) tradeIn = 0;
if (isNaN(downPayment) || downPayment < 0) downPayment = 0;
if (isNaN(taxRate) || taxRate < 0) taxRate = 0;
if (isNaN(interestRate) || interestRate < 0) interestRate = 0;
if (isNaN(months) || months <= 0) months = 60;
// Calculate Tax
// Tax is usually applied to the price minus trade-in value in many jurisdictions
var taxableAmount = price – tradeIn;
if (taxableAmount < 0) taxableAmount = 0;
var taxAmount = taxableAmount * (taxRate / 100);
// Calculate Loan Principal
// Principal = Price + Tax – TradeIn – DownPayment
var principal = (price + taxAmount) – tradeIn – downPayment;
if (principal 0) {
if (interestRate === 0) {
monthlyPayment = principal / months;
totalInterest = 0;
} else {
var monthlyRate = (interestRate / 100) / 12;
// Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
var x = Math.pow(1 + monthlyRate, months);
monthlyPayment = (principal * x * monthlyRate) / (x – 1);
totalInterest = (monthlyPayment * months) – principal;
}
}
totalCost = price + taxAmount + totalInterest;
// Display Results
document.getElementById('monthlyPaymentResult').innerHTML = '$' + monthlyPayment.toFixed(2);
document.getElementById('totalLoanAmountResult').innerHTML = '$' + principal.toFixed(2);
document.getElementById('taxAmountResult').innerHTML = '$' + taxAmount.toFixed(2);
document.getElementById('totalInterestResult').innerHTML = '$' + totalInterest.toFixed(2);
document.getElementById('totalCostResult').innerHTML = '$' + totalCost.toFixed(2);
document.getElementById('clcResults').style.display = 'block';
}
Understanding Your Car Loan Options
Purchasing a vehicle is one of the most significant financial decisions many people make, second only to buying a home. Our Car Loan Amortization Calculator is designed to help you understand exactly how much that new car will cost you on a monthly basis and over the lifetime of the loan.
How is the Monthly Payment Calculated?
Your monthly auto loan payment is determined by three primary factors: the loan amount (principal), the interest rate (APR), and the loan term. This calculator uses the standard amortization formula used by banks and dealerships:
- Principal: This is the total cost of the car, plus sales tax and fees, minus your down payment and trade-in value.
- Interest Rate (APR): The annual percentage rate charged by the lender. A lower credit score typically results in a higher APR.
- Loan Term: The duration of the loan. Common terms are 36, 48, 60, 72, or even 84 months.
The Impact of Trade-Ins and Down Payments
Reducing the principal amount is the most effective way to lower your monthly payments and total interest paid.
Trade-In Value: In many states, the value of your trade-in is deducted from the new car's price before sales tax is calculated. This provides a double benefit: it lowers the loan amount and reduces the tax burden.
Down Payment: Experts recommend putting down at least 20% of the vehicle's price. This helps avoid "negative equity" (owing more than the car is worth) as the vehicle depreciates.
Long-Term vs. Short-Term Loans
While a 72 or 84-month loan will result in a lower monthly payment compared to a 48 or 60-month loan, it significantly increases the total cost of the vehicle due to interest accumulation. Use the calculator above to compare a 60-month term against a 72-month term to see how much extra interest you would pay for the convenience of a slightly lower monthly bill.
Sales Tax Considerations
Don't forget to factor in sales tax, title, and registration fees. These can add thousands of dollars to your "out the door" price. Our calculator includes a field for Sales Tax to ensure your estimate reflects the real-world cost of purchasing your vehicle.