Purchased a car last week and Car Loan Calculator by City Jams was a valuable tool.
I'm sure there are similar apps, but this one performed for me.
It allowed me to "call them on it" when the dealer came back with a payment that according to the app, had them quoting me at almost 9% interest.
The app lets you input vehicle price, down payment, # of monthly payments, etc.
They were not happy I had all the data on my phone. They admitted they just threw out an "arbitrary" offer and it was "open to revision".
No, lesser prepared customers might have thought the payment was about right and unknowingly agreed to those terms.
Recommend using it. Look for "no cellphones allowed" signs coming soon to dealerships if more people start using this and similar apps.
