Auto loan amortization excel is template for calculating the amortization loan. Amortization Loan is loan with scheduled periodic payments and may include interests. The auto loan amortization excel main purpose is to compare between automotive or vehicle loans with home or property loans. The comparison will tell which one will have better and profitable over the loans. Because of it, you can use auto loan amortization excel for purchasing planning or business purpose. Aside for automotive and home, you may use auto loan amortization excel spreadsheet for other type of loaned purchase.
There are only one sheet in car loan amortization excel template. The name is Loan Calculator. Inside the menu, there are 4 elements:
- The Charts: displaying the summarized calculation from auto loan amortization formula excel into charts.
- General Loan Information: tables where you enter the information for both car and house amortization. This one split into 2, the header information and loan details.
The header information contains the non-calculation, information amount which are the base for next calculations. The Information include Purchase Price, Cash down payment, trading information, term, tax rate, fees, and deductions.
The loan details include the general calculation from the detailed information. For example is tax calculation, total down payment and total loan amount.
- Auto Loan Information: table to calculate the car loan amount in each period.
- Home Equity Information: table to calculate the home loan amount for each period. Because in some state or country have different policy, you may need to modify the provided calculation cells and its formula.
HOW TO USE
First, on the General Loan Information, enter the provided cells. You only need to follow the instructions from the cells.
NOTE: The auto loan amortization excel works on car and equity with same purchase price. However, we know that not all come with same price. Because of it, you may see the tricks for different price below on Modify.
The General Loan Details will automatically calculate the Down Payment amount, car loan amount, and equity amount which will be used for next tables.
On Auto Loan Information, enter the Interest rate for each period or months. It then will calculate the loan amount based on interest and tax saving.
On Home Equity Information, enter the Interest rate and the closing cost fees (fees for real estate after transaction). If your state has income tax, enter the rate. Income tax can reduce the loan.
The Home Loan Details will calculate the loan cost amount per period. The loan details has been reduced with tax savings.
Now, Look at the chart. The chart will display the comparison of monthly loan amount minus the tax income or loan saving. On the right side, you can see the text inform you about which loan is more profitable and saves more. The chart act as auto loan amortization schedule excel.
NOTE: higher loan amount does not mean that it’s always not profitable ones.
As stated above, if the purchase price for both entities are different, use tricks. You may copy or create the General Loan Information. Next, copied General Information table can be used for separating each entities.
Other way is first by entering the amount for Auto first. After that, fill the General Information for Auto and Auto Loan Information, select all amount cells in Auto Loan Information table. Copy the cells by pressing ctrl + C. Then on the same cells, right click > select Paste Special > Paste Values. It will turn the value without the formula. Now, replace the Auto values in General Information with Home Equity value amounts. Copy and Paste Value again in Home Equity Details table.
If you want to modify auto loan amortization excel into other items, you may need to define your own table. (E.g. insurance loan from different agency).
You can use the template for auto loan amortization schedule. Auto loan amortization excel template is free, after you click one of this buttons: