Complete Guide to Auto Loans in 2026
Rates, terms, refinancing and how to get the best deal.
Read guide →Illinois Auto Loan Calculator
Calculate your auto loan payment in Illinois, including 8.86% average combined sales tax.
🚗 Illinois Auto Loan Calculator
Estimated monthly payment
Amount financed
Total interest
Total of payments
About auto loans in Illinois
- Average combined sales tax: 8.86% (rolled into the loan in most cases)
- State income tax: Yes
- For the base calculator and full guide, see the Auto Loan Calculator.
How to Use
- Enter the vehicle price.
- Add your down payment and any trade-in value.
- Enter your state sales tax rate and the APR your lender quoted.
- Choose a loan term. Your monthly payment updates instantly.
Calculation Method
We use the standard amortized loan payment formula:
M = P · [ r(1+r)^n ] / [ (1+r)^n − 1 ]
where P = amount financed (price − down − trade-in + sales tax), r = APR ÷ 12, n = term in months. Sales tax is applied to price minus trade-in (typical in most states).
Examples
$35,000 car, $5,000 down, 7.5% APR, 5 years
Financing about $32,250 (incl. sales tax) results in roughly $646/month and about $6,500 in total interest.
More States
Frequently Asked Questions
In most states you can roll sales tax into the loan. This calculator adds sales tax (on price minus trade-in) to the financed amount.
Yes. A larger down payment reduces the amount financed, which lowers both your monthly payment and total interest.
Rates depend heavily on your credit score and whether the car is new or used. Borrowers with excellent credit see the lowest APRs.
A longer term lowers the monthly payment but increases total interest paid. Pick the shortest term you can comfortably afford.
Related Tools
Related Guides
Student Loan Repayment Options: Complete Overview
Standard vs. income-driven vs. PSLF vs. refinancing.
Read guide →How to Pay Off Credit Card Debt Faster
Snowball vs. avalanche, with real numbers.
Read guide →Disclaimer
Calculations are estimates based on the information you provide. Actual loan terms, rates, and payments vary by lender, credit score, and other factors. SmartLoanCalcs is not a lender and this is not a loan offer. We are not responsible for decisions made based on these calculations — consider consulting a licensed lender or financial advisor.
Last updated: May 24, 2026