See How a New Vehicle Fits Your Budget
How to Calculate an Auto Loan Payment
Our monthly auto loan payment calculator will help you determine what best suits your budget. Your monthly payment is based on the net purchase price of the vehicle, the loan term, and the interest rate for the loan.
The loan amount is based on the net purchase price of the vehicle (including sales tax) or the vehicle price without any cash rebate, trade-in, or down payment.
To get the most accurate loan payment estimation, follow these steps below.
1. Identify the Vehicle Purchase Price
The first step in calculating a vehicle payment is to determine the purchase price of the car. This is the price of the car before any trade-in value or down payment is considered.
Keep in mind that the purchase price includes taxes, title fees, and any other fees associated with the purchase.
2. Research Your Current Vehicle's Trade-In Value
If you're trading in a vehicle, determine its value. The trade-in value is what a dealer will offer you for your current vehicle. You can research the value of your trade-in on various websites, such as Kelley Blue Book.
3. Determine the Down Payment
The down payment is the amount of money you pay upfront to reduce the amount financed. A larger down payment means a lower monthly payment and less interest paid over the life of the loan.
Determine the amount you're willing to put down, which can be a percentage of the purchase price or a set dollar amount.
4. Select an Interest Rate
The interest rate is the percentage of the loan amount charged as interest. The interest rate is determined by several factors, including credit score, loan term, and the type of car being financed.
5. Choose a Loan Term
The loan term is the length of time the loan will be repaid. The longer the loan term, the lower the monthly payment, but the more interest will be paid over the life of the loan.
Common loan terms for car loans are 36, 48, 60, and 72 months.
6. Calculate the Monthly Payment
Once you have all the information needed, you can calculate the monthly payment using the auto loan calculator.
Thinking of financing a vehicle? Let UMCU help you.
Common Questions
Whether you’re purchasing your first vehicle or your dream car, it’s important to know everything you’ll need to bring to the dealership. When applying for an auto loan, there are several documents and information you will typically need to provide. While specific requirements can vary, there are several common items you will likely need to apply for an auto loan with UMCU, such as:
- Personal Information - You will need to provide basic personal details, such as your full name, date of birth, social security number, and contact information.
- Identification - A valid government-issued identification document is typically required, such as a driver's license or passport.
- Proof of Income - Lenders want to ensure that you have a stable source of income to repay the loan. You may need to provide recent pay stubs, W-2 forms, or income tax returns. If you are self-employed, additional documentation such as bank statements or profit/loss statements may be required.
- Employment Details - You will need to provide information about your current employment, including your employer's name, address, and contact information.
- Financial Information - Lenders may ask for details about your current financial situation, including your monthly housing expenses and any other outstanding debts, such as credit card payments or student loans.
- Insurance Information - Proof of insurance coverage is typically required before finalizing the loan. You may need to provide insurance details, including the insurance company's name and contact information.
- Down Payment - If you plan to make a down payment, you will need to disclose the amount and its source (such as savings, trade-in value, or cash).
- Credit History - Lenders will generally check your credit history and credit score. While you don't need to provide this information directly, they will obtain it during the loan application process.
You bet! Applying for a motorcycle loan with UMCU is a breeze! The process is almost identical to applying for a vehicle loan. We get you pre-approved for free so you can shop with confidence knowing how much bike you can afford!
Already know what your next ride will be? Perfect! Let us know during the pre-approval process!
Absolutely! Applying for a boat loan with UMCU is a breeze! The process is almost identical to applying for a vehicle loan. We get you pre-approved for free so you can shop with confidence knowing how much boat you can afford!
Already know what your next vessel will be? Perfect! Let us know during the pre-approval process!
UMCU's lending cap for motor homes is $350,000.
Enjoy the Great Outdoors with an RV Loan from UMCU
Whether you're dreaming of embarking on a cross-country road trip in a motorhome, exploring off-road trails on an ATV, or cruising the waterways on a jet ski, UMCU has the perfect RV loan for you.
Our easy and fast application process makes it simple to finance your next adventure. Enjoy:
- Flexible loan terms to fit your budget
- Competitive rates* to save you money
- No prepayment penalties
- Automatic payment options for hassle-free payments
To apply for a motorcycle loan, we just need to know two thing: your income, and any other debt you may have.
To apply for a boat loan, we just need to know two thing: your income, and any other debt you may have.
We can process the loan for the max amount of 350,000, but the member would be responsible for any balance over $350k. For example: if you wish to purchase a motor home for $400,000, UMCU would finance $350,00 and the remaining $50,000 would have to be paid for up front.
Nope! If you have one, that's great - but it's not required.
Nope! If you have one, that's great - but it's not required.