The past two years of this pandemic has been the worst time to own a car, especially for people who took out a vehicle mortgage. Just imagine the lockdown during 2020-2021 where you continue paying for something that just stayed in the garage. The situation has even worsened because of the uncontrolled fuel price hikes in 2022. Sometimes we can’t help but ask the question : is owning a car more of a liability than an asset these days?
Truth is, there’s still a big number of people who think having a car is indispensable. It’s all a question of mobility, especially for those who have a family and live far from their work places. This is the reason why a lot of people will continue to fork over a downpayment for a car, even during this time of economic crisis.
When it comes to getting a high-ticket item like a brand-new or second-hand car, education is key as the decision will have an impact on one’s finances for at least five years. Thankfully, there’s a site like carpaymentcalculator.net which will guide you on all things that need to be considered before taking out that all-important car loan.
The site provides instant calculations of the monthly amortization that’s required if you plan to take out a car loan. No need to wait for the computation from the car salesman. Results will appear once you input such variables as the Downpayment, Rebate, Trade-in Cost (if any), Interest Rate, Sales Tax and term of loan.
It’s a handy resource guide to enlighten prospective buyers on the following questions: Should you buy new or used? Sedan or SUV? How about leasing...can that be considered? Fuel costs and insurance … this must be factored in. How does one negotiate for a better deal? It can sometimes be about timing. The site quotes an expert who said the best time is during the holiday season and every end of the month when quotas are being met.
Another good thing with Car Payment Calculator is its treasure book of insider knowledge. For instance, it teaches people to do comparison shopping first in websites like CarsDirect. Then compare again the rates between the institutions which will loan the amount. Typically, thousands of dollars are saved by opting to sign with a bank than with the in-house financing of the dealership.
There are truly many things to consider before making the long-term commitment to buy a car – depreciation, inflation, maintenance costs, interest rates. Absorbing all the information can be overwhelming. I must say I got much-needed relief when I discovered that the website has an Arcade section of car-themed games! I surely had fun racing through New York City as a Teenage Mutant Ninja Turtle in TMNT Road Riot and engaging in my own Formula 1 racing in Sprint Club Nitro. There are many games to try for kids and adults alike. It certainly gave me a breather from the heavy (albeit highly informative) knowledge that the car payment calculator site offers.