When a decision is made to buy a new vehicle with credit, the first thing many buyers do is use a car finance calculator. Most people are extremely familiar with online technology and systems and appreciate the convenience of these devices. Quickly entering the driveaway pricing with applicable rate displayed by the lender and preferred term, and noting the resulting monthly payment shown. But then, when they request a specific quote or submit an application, they are surprised when the monthly payment figure doesn’t match the calculated figure.
There can be a number of reasons why a vehicle finance offer is not exactly the same as the figures that an applicant calculates themselves with an online device. But the explanation for the unexpected surprise is usually down to not entirely grasping how to interpret calculations made with an online lending tool. We explain.
Why We Provide a Car Loan Calculator
Jade Car Loans provides buying tools including a car loan calculator so buyers can quickly estimate their possible finance prior to requesting a specific quote. Allowing quick simple computations of what can be complex mathematical tasks involving interest rates over financing terms.
These devices, provided by many lenders, are specifically developed to carry out the computations for the data entered. The key purpose being to provide rough ballpark figures that vehicle purchasers may use as a guide to making credit and buying decisions.
Correct Interpretation of Car Loan Calculator Results
To obtain optimum benefit from using our business vehicle loan calculator, buyers should know how to correctly interpret the results they generate. That goes to appreciating what the device can and cannot do. Firstly, these are general buying tools.
Any buyer can access the website and use the device. The device does not have the capability to assess that individual’s credit rating. Credit rating is an integral part of the process that lender’s undertake when preparing a credit offer, especially what interest rate will apply. Users typically enter the interest rate which is shown by the provider of the device. A rate typically for credit applicants with a good credit score. If their score is not rated as good, their rate and even the term and total credit approved, can be different.
Buyers seeking pre-purchase estimates may benefit by having more information about their own credit profile. Useful information on credit reports is provided by Moneysmart.
The other credit inclusions which cannot be assessed by these general online devices is what the charges and fees applicable to the lender may apply to that person’s financing. In regard to our device, our accreditations include more than 80 banks and lenders, with varying fee structures. After our brokers identify the right lender for that customer when a quote is requested, then the exact fees specific to that application can be included in any offer.
Other factors to consider can be is the total credit entered a realistic reflection of the price of the vehicle, the condition of the vehicle as used v new credit can differ and if the buyer would be approved for the amount entered.
Getting Optimum Benefit from a Car Loan Calculator
To get optimum benefit by way of guidance from using our buying tool, users can note the disclaimer and heed these tips. When deciding the amount of credit required, consider if the driveaway price is inclusive of all the costs of the purchase. Buyers may end up selecting another variant or adding extras to their purchase.
When entering a commercial car loan interest rate, appreciate that you may not be offered that exact rate. The same applies to the credit term. Always read the disclaimer and notes attached to our device.
Car Loan Calculator Results v Quotes and Offers
Understanding the terms used in the lending sector, such as low doc car loans, may drive buyers to achieve greater benefit from buying tools. The results obtained on an online computation device is only an estimate. A quote or offer is sourced based on the specifics of the buyer’s application and the vehicle being purchased. An approved offer is an offer made by a lender which has been approved.
In order to obtain that exact figure, a quote request or application should be made. With the information included in these steps, our brokers can source the best rate, terms and repayments schedule for your purchase. Many applications in 24 hours to allow buyers to obtain the information required to quickly proceed with their vehicle purchase.
Our focus is to provide the most streamlined lending process possible and that includes providing customers with the latest technology-based resources to carry out their pre-purchase planning and preparation. We update our systems to reflect the latest rates and products available in the market and support these tools with our expert brokers. When used appropriately, our tools can be used reliably and effectively to support motor vehicle buyers.
Contact Jade Car Loans 1300 000 003 for a quote to verify results obtained on our car loan calculator.
DISCLAIMER: IN REGARD TO MISREPRESENTATIONS AND ERRORS CONTAINED IN THE MATERIAL AS PRESENTED, LIABILITY IS NOT ACCEPTED. THE DETAILS AND CONTENT IS PROVIDED FOR CAR BUYERS AND INDIVIDUALS AND BUSINESS SEEKING FINANCE PURELY AS GENERAL INFORMATION. THIS IS NOT PROVIDED AS THE ONLY SOURCE OF FINANCIAL INFORMATION. ANYONE THAT CONSIDERS THAT NEED FINANCIAL ADVICE ABOUT THEIR SPECIFIC REQUIREMENTS SHOULD SEEK THEIR OWN FINANCIAL ADVISOR.