One of the most common discussions we have with customers deals with matching the right car to a given budget. It can be tough! We’ve seen cars that cost less than $10k, one car that cost $138k, and thousands of cars in between. So here are our tips for how to calculate car payment.
To help you better calibrate your car budget and get a better sense for the Shift inventory that matches it, we’ve created a quick and easy car loan calculator.
Calculate your car payment by month
We generally have two types of financing conversations with customers. The first is when they have a max price in mind and are trying to figure out what their loan terms will look like. The other is when they have a specific amount budgeted for their monthly payment and are trying to figure out what cars they should be looking at.
With our new car loan calculator, you can easily calculate for either scenario. Just use the “calculate max price” or “calculate monthly payment” tabs and input your down payment, interest rate, and loan length and let the calculator do the rest.
View available inventory based on your budget
Once you’ve calculated either your max payment or total price, we make it easy to see exactly how many cars in our inventory match your budgeting criteria. This will give you a total price, so remember to factor in tax and extras like warranties or gap insurance.
You’ll never need to spend mental energy filtering out cars that aren’t in your price range again.
Or, let us calculate the car payment for you
At Shift, we offer a tool that lets you shop for cars based on your predicted loan terms, so you can view cars based on what your monthly payments would be. We’ve already done the math for you, so no calculations required!
Want to give it a try? Shop by payments.