LOS ANGELES, July 2, 2014 /PRNewswire/ — Requisite Press, LLC announced today the availability of AffordCheckSM, a free, online financial assessment tool based on the 20-4-10 auto financing rule. Using household income information, buyers can quickly determine an affordable payment and price, or get an instant assessment of dealer quotes.
"We all know that it's important to live within our means," said Phil Kelton, president of Requisite Press, "but when it comes to car buying, it hasn't been easy to apply that knowledge. AffordCheckSM makes it simple."
Buyers enter household income and local sales tax, and AffordCheckSM automatically determines an affordable payment and bottom-line price. Default values, including the loan term and down payment amount, can be adjusted to determine the effect on the monthly payment, price, and affordability.
Auto buyers with price quotes can select the Check My Quote option, and enter the entire terms of the deal, including bottom-line price, down payment, financing offer, and insurance premium estimate. The resulting monthly payment and affordability assessment give instant financial feedback on the deal.
Informed by AffordCheckSM, buyers can actively take steps to improve affordability and minimize the financial impact of a purchase. Requisite Press recommends four key steps for an improved financial outcome:
- Prepare for an immediate purchase prior to contacting dealers. Buyers who are clearly ready to buy in the near term are much more likely to obtain a dealer's best price.
- Minimize the sales price with commodity buying methods. Buyers achieve better results by directly requesting a best-price, nonnegotiable quote from multiple dealers.
- Minimize the bottom-line price by avoiding costly add-ons. Items such as extended service contracts often cost more than they save*.
- Minimize the total cost by obtaining preapproved financing prior to visiting the dealership. Loan preapproval will likely result in improved financing offers and reduced interest cost.
AffordCheckSM is available at:
http://requisitepress.com/AffordCheck
The AffordCheckSM affordability assessment is a score on a scale of 0 to 100, with 100 indicating consistency with the 20-4-10 auto-financing rule. For scores less than 100, a potential savings amount is also provided. The 20-4-10 rule recommends a minimum 20 percent down payment, a maximum 4-year loan term, and monthly payments of no more than 10 percent of gross household income. The rule is widely recommended by personal finance experts to maintain financial security, avoid excessive interest costs, and preserve future investment opportunities.
*Consumer Reports (February 2014).
About Requisite Press, LLC:
Requisite Press, LLC was founded in 2012 to publish select expert information with great potential for consumer quality-of-life improvement. Requisite Press, LLC is the publisher of the Auto Buyer's Affordability Index (ABAI), and the new book Power Shift: The New No-Stress, No-Hassle Way to Get Your Best New-Car Deal—Every Time! Power Shift enables individual consumers to minimize new-car prices while obtaining an improved car-buying experience.
"AffordCheck" is a service mark of Requisite Press, LLC.
Contact:
Phil Kelton
Email
310-896-2302