COMPARE THE WHOLE DEAL
Financing and trade-ins, without losing the thread.
Keep the car price, the borrowing cost and your old vehicle on separate lines. That makes it easier to see whether an offer improves the transaction or simply changes the payment.
Compare more than the monthly payment
For each financing offer, record the amount financed, APR, term, payment frequency and total of payments. Compare the same loan amount and term first; otherwise a lower payment may mainly reflect a longer repayment period. Include your upfront payment when comparing the overall cash you will pay.
The SHFTR calculator helps explore payment scenarios. Its estimates do not establish an approval or an interest rate you will qualify for. Ask the lender for the actual terms and check the final agreement.
Separate rate offers from cash incentives
If the manufacturer offers a choice between a cash rebate and promotional financing, compare the complete numbers under both options. Record which incentives remain available with each financing method. Check current manufacturer programs and request confirmation of your eligibility.
Find your trade-in equity
Get the lender’s payoff amount and compare it with the written trade-in allowance. Equity is the allowance minus the payoff. Selling costs, applicable taxes and the terms of your existing agreement may also affect the final transaction.
Illustrative example
A $25,000 trade-in allowance and a $28,000 loan payoff leave a $3,000 shortfall. If that balance is added to a new loan, it is still debt you must repay. It is not a discount on the replacement vehicle.
Ask exactly how a shortfall will be paid. Rolling it into another loan raises the amount financed and may leave you owing more than the next vehicle is worth. Whether a lender accepts that structure depends on its criteria.
Reconcile the contract
Start at the agreed vehicle price, add the itemized costs and any financed prior balance, then subtract eligible rebates, your cash contribution and any positive trade equity. Confirm the resulting amount financed against the credit agreement. Tax treatment varies by location, so have the dealer show the calculation for your purchase.
Use the quote checklist to keep the supporting figures together. Your lender determines financing approval; SHFTR’s service application is not a credit application.