Buying a car, whether new or used is a huge deal. While your credit score makes a big difference, you also have to do your research. You need to prepare documents including income statements. All of this needs to be done before you can even talk to a dealership…until recently that is. Now you can easily find out what your estimated monthly payment for a new or used vehicle will be. This tool not only takes a headache out of buying a new car but also prepares you for what happens next in the car shopping process.
What Will Be Your Estimated New or Used Car Payment?
I think this option would have been extremely beneficial when I bought my first vehicle. Knowing what the estimated payment would have been, would have saved me a major headache.
I was working part time and going to college full time, funds were short, and I feel as though I jipped myself into buying a vehicle I couldn’t afford.
Every car dealership should have this option, if not, ask them. It never hurts to ask or you can simply search their website to find out if they offer this service.
How Does It Work?
Usually, you can find the payment calculator on the car dealers website. You just put in the price of the vehicle, the down payment that you are willing to put down on it, the estimated financing rate, the term (60 months?) and it will automatically give you your monthly payment. I find this SO helpful!
I know the calculators are for reference purposes only, but they do give you an estimate of what you would be paying monthly and I like that. So, if your car dealership offers this sort of thing on their website, I say go for it. Fill it out and be prepared when you visit your local car dealership. The more prepared you are, the shorter time you spend finding that perfect car!