Cash Back vs Low Interest Rate Calculator - Which Is Better?
Cash Back vs Low Interest Rate Comparison Calculator
Common Information
($)
months
($)
(%)
($)
($)
Cash Back or Low Interest Rate Offer
($)
(%)
(%)
Calculation Results & Comparison
Cash Back Offer
Auto Price
Down Payment
Total Loan Amount
Sales Tax
Amount Due at Signing
Total Loan Payment
Total Loan Interest
Total Cost (price, interest, tax, fees)
Monthly P&I (Monthly Pay)
Loan Payoff Date
Low Interest Rate Offer
Auto Price
Down Payment
Total Loan Amount
Sales Tax
Amount Due at Signing
Total Loan Payment
Total Loan Interest
Total Cost (price, interest, tax, fees)
Monthly P&I (Monthly Pay)
Loan Payoff Date
Best Deal Recommendation
Auto Loan Payment Visualization
Cash Back Offer
Low Interest Rate Offer
Payment Schedule Tables
Cash Back Offer - Payment Breakdown
| Year | Date | End Balance | Interest | Principal | Cumulative Interest | Cumulative Principal | Cumulative Payments | Balance Due | Interest Balance Due |
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| Month | Date | Payment | Principal | Interest | End Balance | Cumulative Interest | Cumulative Principal | Cumulative Payments | Balance Due | Interest Balance Due |
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Low Interest Rate Offer - Payment Breakdown
| Year | Date | End Balance | Interest | Principal | Cumulative Interest | Cumulative Principal | Cumulative Payments | Balance Due | Interest Balance Due |
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| Month | Date | Payment | Principal | Interest | End Balance | Cumulative Interest | Cumulative Principal | Cumulative Payments | Balance Due | Interest Balance Due |
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If the Car Price Is $30,000 With a 5% Annual Interest Rate, Is Cash Back or a Low Interest Rate (2%) Better?
It depends on how much cash back you're getting. For example, let's say you have a $5,000 down payment, a 60-month loan term, and $1,000 cash back.
In that case, choose the low interest rate offer!
You'll save $1,882.94 compared to the cash back offer.
If $2,000 cash back, choose the cash back offer! You'll save $1,750.66 compared to the Low Interest Rate offer.
References
Government Resources
- Consumer Financial Protection Bureau - Auto Loans
- Federal Trade Commission - Car Financing Guide
- USA.gov - Buying a Car
- National Highway Traffic Safety Administration
Financial Education
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