Low Rate -vs- Rebate Calculator
Our low rate vs. rebate calculator is an effective way to
learn if a shorter-term, lower interest loan or a longer-term,
higher interest loan with a possible rebate is what you’re
looking for.
- Enter ballpark values by clicking on and dragging the
diamond-shaped sliders left or right. Enter exact numbers
by clicking on the number in the box on the right and type
your number (no commas).
Purchase Price
|Enter the price you are willing to pay for the vehicle.
Down Payment
You can decide how much money you want to pay at the start
of the loan. Remember that the more you put down at the beginning
of the loan will affect the amount of your monthly payments.
Dealer Option This is an option
for a lower annual rate and a shorter loan term instead of
a rebate on the vehicle.
Loan Period
Just enter the number of months that you would like to pay
back your loan and remember that most dealers offer shorter
loan periods than other lenders.
Annual Rate
This is the annual percentage rate you must pay on your loan.
The lower rates offered by dealers are usually are coupled
with shorter loan periods.
Rebate
In most cases you will not be offered a rebate if you choose
a dealer option.
Rebate Option This is an option
for a cash rebate from the dealer accompanied by a higher
annual rate and a longer term loan and is usually acquired
at a financial institution.
Loan Period
Under the rebate option you will most likely be offered a
longer period of time to pay back your loan by the financial
institution.
Annual Rate
This is the annual percentage rate you have to pay on your
loan. Most financial institutions offer higher annual rates
over a longer loan period than dealers.
Rebate
Dealers offer rebates, an amount you get back after agreeing
to buy the vehicle, as an incentive for buyers to pay cash
for a vehicle. Most buyers get the cash as a loan from a financial
institution and apply the rebate to the purchase price of
the vehicle to reduce the amount of their loan.
Graph Our graph has a drop
down that allows you to compare the monthly payment, total
interest paid, and total payments of the low rate and rebate
options.
Table Our easy to read table
shows the monthly payment, total interest and total payments
all at once so you can compare both of your loan options.
Click
Here to open the Low Rate vs Rebate Calculator |
