PHILADELPHIA — VINtek recently expanded the availability of its interactive, real-time tax, tag and title fee calculator. Previously only accessible by lenders, dealers and consumers now can use the tool through the launch of www.taxandtags.com.

Previously, the company noted that this tool only could be used through VINtek's direct-to-consumer (D2C) lending platform. Officials explained that www.taxandtags.com is a stand-alone version, allowing access outside of the D2C platform

VINtek reiterated that this calculator can enable users to estimate the amount of state and county-specific taxes, registration fees and title fees that may be due for a vehicle purchase or refinancing of a loan. The tool also can calculate the monthly payment for an auto loan inclusive of these amounts.

Company officials pointed out that www.taxandtags.com can offer tax and registration fee calculations for all 51 U.S. jurisdictions.

"This tool has enabled us to bridge the gap between the consumer's vehicle purchase decision and immediate presentment of purchase and finance documents online," stated Larry Highbloom, president of VINtek.

"With tax, tag and title fees easily exceeding 8 percent of the purchase price of a vehicle, the industry needs a real-time tool to help lenders calculate for their customers the complete purchasing cost with these amounts included," Highbloom continued.

VINtek executives also emphasized that using their Web-based calculator to determine the tax, tag and title fees, in conjunction with their online auto loan documentation portal, can speed up the contract finalization process significantly.

"We've seen funding of a direct-to-consumer auto loan in as little as 27 minutes from approval of the application," Highbloom asserted.

"There is significant demand from consumers for the ability to verify what their monthly payment amount will be whether they are purchasing from a dealer, another consumer, purchasing a vehicle they are currently leasing or simply refinancing their existing auto loan," he interjected

"It is especially important in this economic environment with consumers remaining wary of large purchases, that they know precisely their monthly payment inclusive of all costs before committing to a vehicle purchase," Highbloom concluded.