Auto Payment Comparison Spreadsheet www.moneyspot.

org
Version 2.0

It's a huge mistake to make: Most car buyers focus on their monthly payment rather than
on the total amount they'll pay over the life of the loan. With this being the case, I built this
spreadsheet to allow for a cross-section of loan variables (rates, terms, and sales prices) to
calculate the figures at each payment level.

Hopefully this will plainly show prospective borrowers just what's going on with the "big
picture" of TOTAL PRICE PAID for various payment alternatives!

And remember: Just because you CAN borrow the money doesn't mean you SHOULD.
DEBT-FREE is the way to be!

Regards,
Michael

Interested in getting (and keeping!) the best loan rates?

Check out my review of TrueCredit's credit-monitoring service at:

http://www.mdmproofing.com/iym/reviews/true-credit-monitoring/
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Auto Payment Comparison Spreadsheet www.moneyspot.org

Option 1: Based on a desired payment, approximately what dollar amount can I finance?

Desired Payment: $350.00

Down Payment: $2,500.00

YEARS or 3 4 5 6 7
MONTHS 36 48 60 72 84
INTEREST RATE 6.700% 6.725% 7.000% 7.325% 7.900%

YOU CAN FINANCE… $11,385.77 $14,694.23 $17,675.70 $20,342.34 $22,527.68

…OF A SALES PRICE OF… $13,885.77 $17,194.23 $20,175.70 $22,842.34 $25,027.68

TOTAL INTEREST PAID $1,214.23 $2,105.77 $3,324.30 $4,857.66 $6,872.32

Option 2: Based on a specific sales price, what might my payment be?

Sales Price: $20,575.00

Down Payment: $4,000.00

YEARS or 3 4 5 6 7
MONTHS 36 48 60 72 84
INTEREST RATE 6.750% 7.000% 7.125% 7.500% 8.000%

MONTHLY PAYMENT $509.90 $396.91 $329.18 $286.58 $258.34

TOTAL COST $22,356.24 $23,051.63 $23,751.00 $24,634.02 $25,700.69

INTEREST PAID $1,781.24 $2,476.63 $3,176.00 $4,059.02 $5,125.69

Option 3: Side-by-side comparison of two loans …

Loan #1 Loan #2
Interest Rate (APR): 5.700% 6.125%
Sales Price: $17,000 $20,575
Down Payment: $4,000 $4,000
Term (Months): 48 60
Difference
MO. PAYMENT $303.52 $321.41 $17.88
TOTAL COST $18,568.98 $23,284.33 $4,715.34
INTEREST PAID $1,568.98 $2,709.33 $1,140.34
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