Home Contact Us
Hudson Office
View Hours
Coxsackie Office
View Hours
Enter Your User Id
Enter Your Password
Making Vehicle Payments

The size of your monthly payment depends on the loan amount and loan terms. To calculate your loan amount, subtract the net trade-in value of your current auto and any down payment from the purchase price.

If you receive a rebate, subtract that amount from the purchase price too.

For example, assume the purchase price of the vehicle is $20,000, including fees and taxes. The dealer gives you $5,000 on your trade-in vehicle and offers a $500 rebate. Your lender requires you to make a down payment of $1,000. Since you owe $2,000 on your current vehicle, the net trade-in value is $3,000. If you subtract $3,000, $1,000 and $500 from the $20,000 purchase price, your loan amount is $15,500.

Your calculated monthly loan payment should be less or equal to the amount that you think you can afford. Keep in mind, however, that additional costs of owning a car -- insurance, registration and maintenance, for instance -- are not included in calculating a monthly loan payment.


Buying a Vehicle
Career Quiz
Paying for College
Credit 101


Next Topic Next Topic