Affordability remains top of mind for car shoppers for the forseeable future. With today’s high interest rates and rising vehicle prices, buyers are more cautious — and selective — about the vehicles they pursue. That’s why more consumers are turning to “shop by payment” as a way to understand what they can afford before ever stepping into a dealership.
In a recent episode of the Small Bytes podcast series, Cox Automotive Research Manager Greg Payne sat down with Andy Mayers, Lender Strategist and AVP of Lending Operations, to discuss how Payment Services — a VIN-specific monthly payment calculation tool — is helping lenders and OEMs deliver the clarity and consistency buyers expect.
“The first thing a shopper wants to know is, ‘Can I afford this car?’” Andy explains. “Payment Services gives them that answer — and keeps it consistent from your site to the dealer’s showroom.”
What sets Payment Services apart is its robustness. It factors in every element that impacts the final calculation result: down payment, loan term, interest rate, trade-in equity, incentives, and even taxes and fees at the most local level. That unique level of sophistication gives buyers a realistic view of what they can expect to pay — and enables that result to carry over to the dealer experience.
This consistency is key. When a buyer sees a monthly payment estimate online, they expect that number to hold up when they engage with a dealer. If it doesn’t, trust erodes — and deals stall. But when lenders and OEMs offer reliable, real-time payment calculations, they empower buyers to move forward with confidence.
And that confidence translates into action for their dealer partners (and ultimately their business, too).
By giving shoppers the self-assurance that they can afford the vehicle they’re interested in — all before they ever speak to a dealer — Payment Services reduces friction between the consumer and dealer, shortens deal-making and moves both parties to contract faster. In doing so, it also supports stronger dealer relationships, boosting your brand value to help win more of their business.
As Andy puts it, “This isn’t just a nice-to-have. It’s table stakes.”
For lenders and OEMs looking to stay competitive in a digital-first market, “shop by payment” isn’t just a feature — it’s a strategy. And it’s already delivering results.
