Jeremys Cars Auto Loan Calculator

Below is a simple payment calculator for auto loans.

1. Enter that sales price. The sales price is the cost before taxes and state fees.

2. Enter your tax rate. In Michigan the tax rate is 6%

3. Enter your down payment. You could also enter in an estimate of equity here also.

4. Enter the loan term. 5 years is 60 months, 6 years is 72 months, 7 years is 84 months.

5. Enter the interest rate. You can check with your bank or credit union on this. 7% is average at the moment.