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
Apply through online banking, our mobile app, our website loan application, stop by a branch, or give us a call at 800-968-8628.
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 you can afford!
Absolutely! Purchasing a boat with UMCU is simple and stress-free. The loan process is just like applying for a vehicle loan and we'll even pre-approve you for free, so you can shop with confidence and know exactly what fits your budget.
Already have a boat in mind? Great! Just let us know during pre-approval, and we'll help you move forward smoothly.
We can finance motohome loans up to $350,000. If the motorhome costs more than that, you would be responsible for any balance over $350,000.
For example: if you wish to purchase a motorhome for $400,000, UMCU would finance $350,000 and the remaining $50,000 would have to be paid for up front.
Enjoy the great outdoors with an recreation vehicle (RV) loan from UMCU!
Whether you're dreaming of 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
Apply through Online Banking, our Mobile App, our website loan application, stop by a branch, or give us a call at 800-968-8628.
Yes, we've partnered with National RV Detroit and TerryTown RV to make it easy to get the Travel Trailer or Motorhome of your dreams! Enjoy our competitive rates with the convenience of financing right at the dealership.
- National RV Detroit
- 44700 N. I94 Service Dr., Belleville MI 48111
- Phone: 734-439-3400
- TerryTown RV
- 7145 S. Division Ave., Grand Rapids MI 49548
- Phone: 616-455-5590
The maximum total allowed for secured loans like a vehicle loan (not including real estate) at UMCU is $350,000 per member.
Apply through Online Banking, our Mobile App, our website loan application, stop by a branch, or give us a call at 800-968-8628.
No, it's not required — but if you have the boat's hull identification number (HIN), feel free to include it.