Car Loan Calculator Detailed for Illinois

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How are car loans in Illinois calculated?

Illinois includes the sale price and the doc fee in the taxable amount of an auto loan but does not include up to $10000 of the trade-in value.

Therefore, car buyers get a tax break on trade-in vehicles in Illinois.

Principal vs Interest

Verbal Equation

Principal vs Interest

Tax vs Tags

Cost Breakdown

Tax
Illinois car tax is $ at % based on an amount of $ combined from the sale price of $ plus the doc fee of $ minus the trade-in credit of $.

Get more tax info on our car tax page.

Tags
Illinois DMV fees are about $ on a $ vehicle based on a flat fee that fluctuates depending on vehicle type.

View the Illinois state fee schedule to verify your registration cost, and use our DMV Override to adjust the calculator.

Get more DMV info on our DMV cost page.

Verbal Equation

The net price of $ equals the sale price of $ minus the rebate of $. The trade‑in vehicle value is $, and after a trade‑in loan payoff of $, the balance of $ applies to the vehicle purchase.

The estimated tax and registration combined is $, but this may vary based on vehicle type and intended usage. The documentation fee is $.

Adjust numbers in calculator.

Notes

Prepaid maintenance plans, extended warranties, and GAP insurance are not taxed in Illinois and provide considerable savings over paying down the road. You can include maintenance on the warranty line of the calculator for accurate handling.

The exact tax rate may vary for your location. See our manual car tax calculator, and use the override option to fine tune your auto loan quote.

The documentation fee is set by the dealer, but is not negotiable so expect it on the purchase agreement. The customary doc fee of $169 is the maximum allowed by the State of Illinois.

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Car Loan Calculator Detailed for Illinois

Principal vs Interest

Tax vs Tags

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