Loan Calculator (pro feature)

Pro Feature

The Loan Calculator tab allows you to configure the default values and settings for calculating loan payments on vehicle listings. These settings give users an easy way to estimate monthly payments based on the vehicle price, interest rate, loan term, and down payment. You can reach the tab by following WP Dashboard > Listing Page Details > Loan Calculator. Here is the overview of the tab:

Overview of the Loan Calculator tab

The loan amount is calculated via the following formula:

$$EMI=(P×r×(1+r) ^n )/((1+r) ^n −1)$$

Where:

• EMI = Equated Monthly Installment

• P = Down payment amount

• r = Default Interest Rate

• n = Default Month Period

Example of Loan Calculator on Listing Page

Default Interest Rate

This setting allows you to define the default interest rate used in the loan calculations. The interest rate is expressed as a percentage and will be applied to all loan calculations unless modified by the user.

Default Loan Term

Here, you can specify the default loan term in months. This determines the duration over which the loan will be paid.

Default Down Payment Method

This setting allows you to choose the default method for calculating the down payment:

• Static - Users will enter a fixed amount for the down payment.

• Percent - The down payment will be calculated as a percentage of the vehicle's total price.

Down Payment Amount

If you’ve selected the Static method, this field allows you to set the default down payment amount.

Down Payment Percent

If you’ve selected the Percent method for the down payment, you can enter the percentage to be paid upfront.