Use this online calculator to plan your Auto Loan with Taxes

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Auto Loan Calculator with taxes

This special Loan calculator is one step ahead of any normal Auto Loan Calculator as it considers government taxes in the calculations and give you every detail and help you plan better.

Auto Loan Calculator with taxes

Most of the online tools will take your Principal amount, rate of interest and time duration only. That is not bad but as it gives relevant output to the individuals. But if you are too precise in planning your Vehicle loan, then considering tax will be helpful for you.

Here is the free calculator for calculating any loan details with taxes into consideration:

Steps to use the tool

You need to enter the following details:

  1. Amount of loan you wish to take (No need to enter currency)
  2. Applicable rate of interest as quoted by your money lender (in percentage)
  3. Total duration for which you are borrowing money (in months)
  4. Tax applicable for your region (in %, generally it is 7 % for most of the regions across the world).

Now as soon as you give the inputs, the calculation are done automatically. Your applicable interest and every detail will be visible to you. You can change the input value and the tool gives you output accordingly.

The output will give you the value of EMI as well. The monthly instalments are calculated by a generic mathematical formula :

EMI = [P x R x (1+R)^N]/[(1+R)^N-1] , where P = Loan Principal R = Rate of interest N = Time duration. The additional tax which the government charges is not in the formula. Our tool intelligently considers the tax and then give you the output with the clear details of loan interest and monthly instalments.

If you have any queries, you can reach us via our contact page. If you are getting difficulties in getting a loan, just send us your queries, we will assist you in the best way to get the loan for you.

Also check other popular loan calculators.

http://theautoloancalculator.com/category/loan-calculators/

Free to use Amortization Calculator for auto loan

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Auto Loan Amortization calculator

Amortization loan on Auto vehicles is the most popular loan and with our free calculator we will help you calculate every loan detail. Generally all the money lenders offer the amortization scheme on the vehicle loan.

Auto Loan Amortization calculator
Auto Loan Amortization calculator

With the simple inputs of loan application detail, you will be able to see the your monthly instalments along with the calculated interest amount on the monthly / yearly / quarterly basis as per your choice.

Also Check : How the loan lenders apply hidden charges which you should definitely check during loan application.

Online calculator for amortization auto loan

Here is our free Auto Loan Calculator that will do the Amortization calculations in seconds. Enter the loan Principal amount with the rate of interest and the loan time duration and our free amortization calculator will give a full chart of the applicable instalments.

Below is the free tool for you:

Benefits & Quick Highlights of our tool

  1. Free to Use and share.
  2. Very fast and user friendly operations. Makes the calculations in seconds.
  3. You can reuse any number of times without any delay.
  4. Can be opened in multiple windows with different calculations and hence you can compare.
  5. No Hidden Charges and No registration required.

Important

If you are just applying for loan and you do not have much idea about amortization concept. We will give you an example and you will get to know how the thing works.

Consider that you apply for a loan of 400000 $ with 4 % for a duration of 30 years. The Simple Interest with this rate will make you pay 1910 $ per month for 30 years.

Now what you pay per month as EMI will be for Interest and Principal amount as well. So the rate of interest that is applicable per month will be 4 % / 12. Here’s how it looks in this example:

  • (4% / 12) * $400,000 = $1333

Now $1333 will be used for paying interest and remaining out of 1910 $, i.e 1910 – 1333, which comes out to be 533 $ will reduce your principal amount.

So for next month, the interest will be on 400000 – 533.

Next month as your Principal amount is less, your applicable interest will be lesser again.

This is how Most Loan Providers manipulate and make you pay more for your Car Loan

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how Most Loan Providers manipulate and make you pay more for your Car Loan

When you apply for any Car Loan, you just focus on the Interest Rate as a major factor. But, you should not just focus on the rate of interest. Here, we will tell you how the loan lenders manipulate with different rates and make you pay more even then, when you just think that you are paying lesser amount.

How Loan Lender’s manipulations make your Loss even with a lower Rate of Interest

Majorly 2 Factors are hidden which make you pay more for a lower rate of interest as well. These are

  1. Loan Processing Fees
  2. Prepayment Penalty

Prepayment penalty is not for everyone, so we will not talk much about it. In short, this amount is charged when you pay your Loan before the loan period. For eg, you took loan for 3 years and you pay it back in 2 years, then also you have to pay penalty for that. This is something, which no body tells you if you do not ask.

Let us consider you will not prepay your loan and your Loan Prepayment penalty will be Zero. Let us understand, how Loan Processing Fees comes into picture.

Processing Fees Makes your interest Rate Shoot up

Let’s consider the following two scenarios.

  1. Principal amount of 2000000 $ at 12% p.a. to be paid back after 3 years with a processing fee of 2%.
  2. Principal amount of 2000000 $ at 14% p.a. to be paid back after 3 years with 0 processing fee.

Now just think when Loan agent comes to you and tells you 2 different plans. You will ask you the Rate of interest and he will tell you the interest rate without the processing fees because no body asked about it.

You opt for the loan of 12 % Rate of interest but forget that some hidden charges are there.

The additional 2 % fees makes your loan percentage to 13.63 % on the overview level.

Amount200,000200,000
Tenure3636
Interest Rate12%14%
EMI6,6426,836
Processing Fee (%)2%0
Processing Fee + Service Tax (Rs)
46000
Net Loan195,400200,000

Conclusion

Now just think, there is another option for you. That offers 13 % without processing fees. You will just simply ignore it based on the rate of interest and the loan lender’s manipulation make you go in loss.

So next time if you ask for a loan, please ask about Processing fees as well. Also, please ask if there is some extra percentage hidden in the calculations. You can use our available loan calculators and compare the different loans.

We will be sharing another article with the details of Prepayment penalty soon.

Plan your Auto loan for 6 years with this 72 month auto loan calculator

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72 Month Auto Loan Calculator

6 Years or you can say 72 months loan calculator will help you calculate & check the EMI and the applicable Rate of Interest on any of the borrowed money for Auto Loan. Generally, the banks and other loan lenders offer a 6 six year plan to the customers. It means, you have to pay back the Principal Amount with interest in 72 month time duration.

72 Month Auto Loan Calculator

When you pay back the amount, the applicable interest percentage will be different for different Loan Providers. It also depends on your Credit Score. Whatever Loan Interest is charged to you, just enter it and our tool will do the calculations accordingly.

Online calculator for 72 months auto loan

Here is the Free Loan Calculator that will do the calculations for 72 month period plan and help you manage and check the Interest and EMI.

Also Try – Simple 72 Month Car Loan Calculator

How to Use it

  1. Provide the following data in the tool.
    • Principal Loan Amount
    • Rate of Interest
  2. Check that tool considers time period as 72 Months.
  3. After Entering the data, click any where on the screen.
  4. Check The Calculated Data.
  5. That’s it.

The time duration will be fix and you do not have to provide input for that. You just have to make sure that the time duration is 72 months. As soon as you give your Principal amount and Rate of Interest, the calculations are done in milli seconds.

Important

The rate of interest is different for Different Loan providers. The processing Fees is 0 % for majority of the good loan providers, but the companies can really manipulate with lower rate of interest but with some hidden processing percentage. Make sure, your Money lender does not charge you anything apart from Rate of Interest. If you have it, you can use our Auto Loan Calculator with Processing Fees percentage.

If you have any specific question, do let us know. We will definitely help you.