Trade Up Calculator

Using the Trade Up Calculator

Welcome to the Trade Up Calculator. This tool helps you determine the financial aspects of trading up to a new vehicle by taking into account your current vehicle’s value, any outstanding loans, and the specifics of your new vehicle purchase. Simply follow the steps below to utilize this calculator effectively.

Step 1: Enter Current Vehicle Details

Start by entering the details of your current vehicle:

• Current Vehicle Value ($): Enter the current market value of your vehicle. This field is mandatory and must be a non-negative number.
• Outstanding Loan Balance ($): If you have any outstanding loans on your current vehicle, enter the remaining amount here. This field is optional, but if provided, it must be a non-negative number.

Step 2: Enter New Vehicle Details

Provide the necessary information for the new vehicle you are considering:

• New Vehicle Price ($): Enter the purchase price of the new vehicle. This is a required field, and the amount must be non-negative.
• Additional Down Payment ($): Specify any additional amount you plan to pay upfront as a down payment. This is an optional field, and any entry must be a non-negative number.

Step 3: Configure Loan Details

Provide details about the loan you will be taking for the new vehicle:

• Loan Term: Select the loan term you desire from the available options (36, 48, 60, or 72 months). This is a required field.
• Annual Interest Rate (%): Enter the annual interest rate for your loan. This is obligatory and must be between 0.01% and 30%, with accuracy up to two decimal places.

Step 4: Review Your Results

Once you have entered all the required information, the calculator will provide the following financial details:

• Your Vehicle Equity: Calculated as the difference between your current vehicle value and any outstanding loan balance. This represents the effective trade value of your current vehicle.
• Amount to Finance: Determined by subtracting both your vehicle equity and any additional down payment from the new vehicle price. This is the amount you need to borrow.
• Monthly Payment: Your monthly loan payment amount, calculated using the entered loan term and interest rate.
• Total Cost: The total amount paid over the loan term, including both principal and interest.
• Total Interest: The total interest paid over the course of the loan, representing the cost of borrowing.

Use these results to make informed decisions about your vehicle trade-up process and find the best financing terms that suit your budget.