How this calculation works
This calculator determines monthly principal and interest payments using standard fixed-rate amortization formulas. Sales tax is calculated on the net purchase price after deducting your vehicle trade-in allowance, as authorized under New York Tax Law Sections 1105 and 1111.
Note interest rate vs APR: The note interest rate determines your monthly principal and interest payment. The Annual Percentage Rate (APR) reflects the broader cost of credit including financed dealer documentation fees or prepaid finance charges. If dealer fees are financed finance charges, the estimated fee-inclusive APR is displayed alongside your note rate. Government title and registration fees are not finance charges under Truth in Lending (Regulation Z).
New York Documentation Fees: In New York State, dealer documentation fees are limited by law to a maximum of $175. Dealerships cannot legally charge higher administrative or doc fees on motor vehicle sales.
Long-term Loan Warning (72 and 84 months): Choosing a 72- or 84-month car loan reduces your monthly payment, but significantly increases total interest paid and extends the time you spend in negative equity (owing more on the loan than the car is worth as it depreciates). If the vehicle is totaled or traded in early, you may face an out-of-pocket deficit.
Disclaimer: A planning estimate based on your inputs and the assumptions shown. Actual costs and eligibility may differ. Not an offer of credit, lender quote, or loan approval. Financing terms and rates depend on lender underwriting.