As car sales fall across the US new loan calculator makes it easier for buyers to assess the cost of purchasing a car

A car loan company has launched a unique new car loan payment calculator that will give a clearer indication of the cost of borrowing money to purchase a car, as households across the US falter in automobile purchases.

Auto.Loan’s online calculator tool factors in taxes, extra payments and interest – things that similar services don’t currently offer – so motorists can get a definitive idea of the overall cost of their new vehicle before making a commitment to buy.

The budgeting tool launches as car sales in the US continue to drop for the sixth month in a row. Major manufacturers including Toyota, Ford and General Motors have all reported sales dips for the first half of the year.

The new Auto.loan service is offering could alleviate some of the pressure that car buyers face by offering them a more comprehensive idea of their budget and the hidden costs of borrowing money to finance a car purchase.

Ben Johnson, CIO of Auto.loan said: “Our unique calculator is incredibly useful in an era of ever tightening budgets. We’ve set out to equip buyers with all the financial knowledge they need to feel secure in their figures and have peace of mind when they need to take out a loan to finance a vehicle purchase. Car sales are dropping rapidly in the US which could suggest uncertainty within the industry, prompting reluctance   from buyers to commit to car financing. Unlike other online calculators, our service factors considerations like extra payments, meaning customers can be sure they will be receiving a well-rounded figure and get a clear, long-term picture of affordability.”

Forecasters anticipate that car sales could fall to about 17 million this year, as demand decreases following years of growth.

For more information about Auto.loan’s  online calculator service, visit the website: https://auto.loan/calculator/