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Written by: Tim Devaney
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FAQ: Editors’ answers
Does the calculator include sales tax specific to my region?
No, the calculator requires you to manually input the sales tax percentage applicable to your location.
What is the typical annual interest rate range for auto loans in India?
The example on the webpage shows 3.5% but interest rates can vary depending on your creditworthiness, loan terms, and lender. It's recommended to check with different lenders for accurate rates.
What is the maximum loan term offered by the calculator?
The calculator allows you to choose a loan term of up to 97 months (slightly over 8 years).
What if I'm trading in a car for the down payment?
The calculator provides an option to include the estimated trade-in value of your old car towards the down payment.
Can I factor in potential rebates or dealer fees when using the calculator?
Yes, the calculator allows you to input estimated dealer fees and rebates to get a more accurate picture of your potential loan amount and monthly payment.
How accurate is the estimated monthly payment provided by the calculator?
The calculator provides an estimate based on the information you enter. The actual loan terms and monthly payment may differ depending on your specific situation and lender's final approval.
Is this calculator affiliated with any specific lenders?
No, the ShePays Auto Loan Calculator is a general tool for estimating loan costs and shouldn't be considered an official quote from any lender. It's recommended to use the information to compare offers from different lenders before finalizing a loan.