Smart Estimating for Maryland Drivers
Before you sign on the dotted line at a dealership in Baltimore or Columbia, it pays to know your numbers. This SECU MD auto loan calculator is built to give State Employees' Credit Union of Maryland members a realistic view of their financing, including the specific taxes that can surprisingly inflate your out-the-door price.
The "Maryland Factor": Excise Tax
Unlike standard sales tax, Maryland charges an "Excise Tax" on vehicles. Here is what you need to know:
The Rate: Currently 6% of the vehicle's fair market value.
The Calculation: It is calculated on the purchase price minus any trade-in allowance.
The Impact: On a $30,000 car, this tax alone adds $1,800 to your loan if you finance it. Our calculator accounts for this automatically.
How to Use This Tool
- Price It Out: Enter the final negotiated price of the car, truck, or SUV.
- Value Your Trade: Be honest about your trade-in's value. This directly lowers your tax bill in Maryland.
- Pick Your Term: SECU MD offers flexible terms. 60 months is standard, but you might choose 48 months to save on interest or 72 months to lower your payment.
SECU MD Lending Questions
Can I get pre-approved?
Yes, applying for pre-approval online gives you leverage at the dealership.
Does SECU MD offer GAP Insurance?
Most credit unions offer Guaranteed Asset Protection (GAP) for significantly less than
dealerships. It covers the gap if your car is totaled and you owe more than it's worth.
What about refinancing?
If you currently have a high-interest loan from a dealer, you can use this calculator to see
if refinancing with SECU MD could lower your monthly bill.