Auto Loan Offer Comparison: Compare Two Financing Deals - Yenra

Compare the written offers

Out-the-door price includes the vehicle, all purchase taxes, fees and selected extras before rebate, cash down or trade credit. Additional outside fees are costs not already included in that price and paid separately; leave this field at 0 when the purchase price covers everything. Enter each cost once.

Keep each part of the deal separate

For each offer, the tool calculates principal = out-the-door price − rebate − cash down − trade-in value + trade-in payoff. A payoff greater than trade value increases the new loan. Obtain an accurate dated payoff; the CFPB trade-in guidance explains negative equity and follow-up checks.

Use the contractual interest rate in the calculator. Record the lender’s disclosed APR separately on the auto-offer worksheet. APR reflects interest and applicable fees, while this model estimates monthly amortization from the contract rate. The CFPB rate-and-APR explanation describes that distinction.

If an offer finances a separate loan fee, include it in the out-the-door financing input for this model and retain an itemized note explaining the addition. If a rebate is already deducted from a quoted price, restore the before-rebate price or set the rebate field to 0. A negative calculated principal means the inputs describe excess funds at closing, which this tool does not model.

Compare a rebate with a lower rate

Change the rebate, rate or term to see when the result changes. Also check whether one offer requires a different price, financed product, membership or payment method. Enter the changed cost before relying on the result.

Read both the cash total and trade contribution

Total cash adds the down payment, separately paid fees and all modeled loan payments. Net trade equity equals the trade-in value minus its payoff. Purchase + financing cost adds that net equity to total cash, so contributing a valuable trade-in is visible instead of making a deal look cheaper merely because less cash changes hands.

This final measure equals the entered purchase price less rebate, plus interest and separately paid fees. It excludes later running costs and resale value. If the offers involve different vehicles, those differences still matter. If trade equity is negative, it is shown as a negative contribution; any interest on that financed shortfall remains included.

The CFPB recommends comparing amount financed, rate/APR and term alongside monthly payment. Use the auto affordability calculator to check ownership costs and the payment budget.

Reconcile the result before signing

The model uses monthly interest on the remaining balance, rounds monthly charges and payments to cents, and adjusts the final payment to clear the balance. It supports fixed rates, including 0%, and a fully paid purchase with zero loan principal. A contract using daily or precomputed interest, irregular payments, a balloon or changing rates needs its own schedule. See the CFPB interest-method guide.

Compare the final contract with the itemized quote and save both. Confirm the purchase price, rebate, trade credit, payoff, extras, principal, rate, APR, number of payments and early-payoff rules. Ask the lender to explain a payment or fee that differs. The single-purchase calculator provides a monthly balance schedule for another view of the deal.