EV Loan Calculator
Calculate your monthly payments and total cost of financing an electric vehicle. Be sure to check available EV incentives that can reduce your purchase price.
Estimated EV Purchase Cost Calculator
About This Calculator
This calculator helps you estimate your monthly payments and total interest for an electric vehicle loan.
Enter your vehicle's purchase price, any available incentives, your down payment, loan term, and interest rate to get started.
For state-specific incentives, select your state from the dropdown menu and provide additional information as needed.
Tips for Lower Payments
- Increase your down payment
- Shop around for lower interest rates
- Consider a longer loan term (but note this increases total interest)
- Check for all available federal and state incentives
Frequently Asked Questions
What incentives are available for EV purchases?
Federal tax credits of up to $7,500 are available for qualifying new electric vehicles. Many states offer additional incentives such as rebates, tax credits, or reduced registration fees. Utility companies may also offer rebates for home charging equipment installation.
How does the federal tax credit work?
The federal tax credit is a non-refundable tax credit of up to $7,500 for qualifying electric vehicles. The amount depends on battery capacity and other factors. Starting in 2023, income limits and vehicle price caps apply. For vehicles purchased after April 18, 2023, battery component and critical mineral requirements also affect eligibility.
Can I get a loan for a used electric vehicle?
Yes, you can get a loan for a used electric vehicle. However, interest rates may be slightly higher than for new vehicles. Starting in 2023, qualifying used EVs may be eligible for a federal tax credit of up to $4,000 or 30% of the sale price, whichever is less.