With everything happening on the internet these days, you can make buying a car fast and easy. Dozens of sites let you shop at will for the brand, model, year, and condition that make sense to you. If you are anxious to get the wheels on the road for work, family, or school, you can expedite the sale by using a car loan calculator.
Jaiveer Mehra, writing for Autocar India suggested
It’s hard to separate emotions from such a large purchase and so, for many, the time to buy a car is during festivals like ‘Dhanteras’, where it is considered auspicious to buy metal, or on a birthday or anniversary.
Regardless of the best time to buy, you need to be prepared.
Five reasons to try a car loan calculator
1. Fit your budget!
Even car dealers recommend you know how much room your budget has for a car loan. Your budget should focus on the monthly bill, not the grand total. The monthly allowance is a clearer indication of what you can afford.
So, before you shop among cars in a certain price category, you should determine what you can afford to pay each month along with your other obligations. Working with what you know you can afford saves you a lot of time.
2. Free and easy to use!
The EMI Calculator, for example, is risk-free and user-friendly. You plug in a few figures, and it does the rest for you. You enter the gross asking price of the car, the interest rate, and the length of the loan. That’s it! The calculator takes care of the computation.
3. Learn a bit!
While the calculator works simply and you only need to enter three terms, it requires you to look into a few things. For instance, when you enter the gross asking price, it must include the cost of add-ons, required fees, taxes, and so on.
Checking on these details may adjust your thinking on what you want and are willing to pay. It may convince you to drop an extra feature or accessory to lower the price. You might decide to increase the down payment or adjust the tenure of the loan. Being well-informed gives you the edge.
4. Increase your leverage!
With the help of car loan calculator, you can figure out what you want and what you can afford before approaching the seller. With a firm monthly payment in mind, you can negotiate better and more confidently.
5. Shop smarter!
You may have had your mind set on a specific vehicle. You liked the colour, and it fit your preferences for model, year, and features. But once you have used the auto car loan calculator, you have the information to shop for comparable vehicles because you know what you can afford. You can shop smarter and more widely.
Put your wheels on the road!
A car purchase is a major investment for anyone. Most buyers find themselves making concessions on style, accessories, and features. But with more information at hand, you can secure more value for money.
If Rs. 8 Lakh is your target going in, a car loan calculator will compute your monthly payment. Vinay Dwivedi at The Economic Times advises, ‘Instead of splurging on an impulse, it’s important to consider the financial viability of owning and selling the car’. And, a car loan calculator can help.