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Auto Loan vs Home Equity Loan Calculator

This auto loan calculator will help you decide whether a home equity loan will be a better way to finance your auto purchase.

Home equity loans are typically known to offer lower interest rates than auto loans. Additionally, the interest may be tax deductible.

This Auto Loan Calculator requires SUN's Java™ Plug-in in order to function. If you see this message, this means that you need to download the SUN's Java™ Plug-in.

You can do that automatically by clicking the yellow bar at the top of the browser you use and choosing “Install ActiveX Control”, or by visiting this link: get the SUN's Java™ Plug-in here!

Used Auto Loan Terminology

Term: The period of time for your auto loan, expressed in months.
Purchase price: The amount of money you pay for your auto before taxes and fees.
Auto loan interest rate (APR): This is the annual percentage rate for your auto loan.
Cash down: This is the amount of money you are willing to use for covering the required fees and your down payment.
Trade allowance: This is the reduction in the price of your new vehicle provided to you for your auto trade-in.
Amount owed on trade: The outstanding loan balance on the trade-in.
Fees: This includes the fee charged for title transfer, as well as any other fees due at the delivery.
Sales tax rate: The sales tax percentage rate that is charged on your auto purchase.
Home equity interest rate (APR): This is the annual percentage rate for your home equity loan.
Home equity closing costs: This includes all additional costs you need to pay for your home equity loan, such as any appraiser fees, points, etc.
State and Federal tax rates: These rates will be used to estimate your tax savings related to a home equity loan.
No sales tax deduction for trade-in: If your state does not allow any deductions for trade-ins and calculates the sales tax on the full auto purchase price, you should check this box. Otherwise, leave it unchecked.

The auto loan calculators and the information available on this site are intended to serve only as general guidance regarding auto loans. Since they do not take into account your individual circumstances, we cannot and do no guarantee their accuracy or suitability to a specific purpose. We highly recommend you to consider the appropriateness of any information to your objectives before acting on it, and encourage you to consult a qualified professional regarding you particular personal situation.

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