Auto Loan Shopping Sheet

CFPB AUTO LOAN SHOPPING SHEET

Comparing auto loans
Directions: Bring this sheet with you to show you are serious about getting the best
loan. The factors you can negotiate are indicated with an icon .
Determine your upfront costs

Example

Choice 1

Choice 2

A. Price of the vehicle

$20,000

B. Additional features, services or add-ons

+ $300

+

+

+ $1,400

+

+

+ $100

+

+

= $21,800

=

=

— $3,000

—

—

— $3,000

—

—

= $15,800

=

=

These are optional and will increase the total cost
of the loan.
C. Taxes, title and non-negotiable fees
State and local taxes, and title fees.
D. Negotiable fees
You can negotiate fees such as delivery charges,
origination fees, document fees, and preparation fees.
E. Cost of the vehicle before interest (add rows A, B, C & D)

Calculate how much you will need to borrow
F. Down payment
A larger down payment will lower the total cost
of your loan.
G. Trade-in value

(if you already have a vehicle)

A higher trade-in value will lower the total cost
of your loan.
H. Total amount to finance (subtract rows F & G from row E)

Consumer Financial
Protection Bureau

Finish finding the total cost on page 2 

COMPARING AUTO LOANS (CONTINUED)

Know how much money you’ll pay over the life of the loan
Before deciding on loan length and payment options, calculate the total cost to see which choices work
best for you. This will help you see how much you will pay in total for your auto loan.
I. Interest rate

3.5%

%

%

%

%

48 months
(4 years)

___ months
( ___ years)

___ months
( ___ years)

___ months
( ___ years)

___ months
( ___ years)

Negotiating a lower interest
rate will lower your total cost.
J. Length of loan in months
A longer loan term will
increase the total cost.
K. Monthly payment

x

$353.22

x

x

x

x

= $16,955

=

=

=

=

+ $6,000

+

+

= $22,955

=

=

—

$21,800

—

—

=

$1,155

=

=

Use a loan calculator or ask
your lender or dealer.
L. Total of payments over life of
the loan (multiply rows J x K)

Find the total cost of your purchase
Choose your two best offers from row L, then compare your total cost.
M. Add in down payment and trade-in (add rows F + G)
N. Total cost of your purchase (add rows L + M)
This is how much you will pay to buy your vehicle, including
all of the interest, over the life of the loan.
O. Cost of vehicle before interest (row E from page 1)
P. Total interest paid over life of the loan
(subtract row O from N)

Learn more at cfpb.gov/auto-loan

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