The Missouri car sales tax rate is 4.225% plus your local sales tax which will vary by county. How does your MO sales tax on a car affect your total payment over the lifetime of your loan, and is buying a new car tax deductible? Green Light Auto Credit answers these questions and more.
When you buy a new car in Missouri, you’ll need to account for additional costs outside of the vehicle’s manufacturer price. Some of these fees can really add up if you’re not expecting them, so it’s important to budget accordingly so you aren’t hit with sticker shock.
You can expect to pay:
How will the Missouri car tax rate factor into your total cost? Sales tax is calculated on the price of the vehicle less any trade-in or rebate amount. For example:
Use a payment calculator to understand how these fees play into your budget and ensure you’re making the right decision for your financial situation.
Since MO sales tax on a car can add significant cost to your final total, you may be wondering if you can roll this tax into your auto loan. In some cases you can, though it’s important to note that you’ll be paying interest on this additional amount, which could cost you more in the long run.
You may also be able to write off your new car sales tax as a deduction, especially if you are buying the car for business or non-personal use. Consult with your tax professional to see if this option is right for you.
The Missouri car sales tax will affect your final total, which is why Green Light Auto Credit works hard to get you the best possible financing rates for your situation! Work with our friendly financial team to sort out your options; apply for financing to get started!