As the economy has progressed, having a four-wheeler has rather become a necessity than a luxury. Keeping that in mind, financial institutions too have started offering various types of automobile loans to their esteemed customers.
At times, such institutions provide car loan affordability calculator to customers. This is intended to make customers calculate the affordability of loan they plan to obtain. While the concept per se is indeed good, the technology used for such calculators may not often be great especially Microsoft Excel.
Use of excel car payment calculator app
Generally, such loan calculator based on Microsoft Excel requires your customers to provide details such as interest rate, loan amount, loan period etc. Based on that, the calculator comes up with the highest price of car that a customer can afford.
Though, such car loan calculators indeed help customers, but the extent is quite limited. In Microsoft Excel calculators, customers either need to enter details manually or they need to select details spread across lengthier rows and columns. This inevitably involves chances of avoidable errors.
Another drawback is such calculators need desktop or laptop. Whenever a customer wants to calculate affordability of her car loan or for that matter to know repayment schedule, she has to go to that device, open the calculator and go through the process all over again. In that hasty exercise, again, chances of errors increase.
While operating auto loan calculator based on Excel spreadsheet, your customers need to have some knowledge of complex formula. This automatically makes your calculator available only to those who know it. Those who do not know are by default out of reach.
Car payment calculators or car affordability calculators in the form of mobile applications are great ways to make these calculators available for all, thereby increasing your customer base as well.
See Also: Create iPhone App from Excel Spreadsheet
Features of Car Affordability Calculator App
Calculators in the form of mobile applications are user friendly and do not demand from your users to know statistics.
You can get such applications customized based on your clientele. This then makes your institutions unique in terms of catering exactly what the clients require. Generally, car payment calculator installed in mobile performs two functions – lets your customers know types of loan based on their criteria and their affordability.
This then reduces time of your executives to explain things in detail. You just need to make your customers explain basics of this app, and they can make an informed decision about the car loan.
Benefits of car loan affordability calculator
- Your customers can have monthly payments calculated depending upon the purchase price of the vehicle
- It also calculates total interest to be paid
- Users can also put miscellaneous things such as dealer fees, registration fees etc.
- The affordability calculator often brings target purchase price based on stipulated monthly payments
- The application also displays the purchase price of the car before and after tax.
- Most important aspect of such calculator is that it allows your customers calculate payments on 0% interest and also manages wrong inputs quite well
Consult Space-O which can make your automobile loan programs quite a hit with customers.
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