If you are in the market for a new or used car, then Auto Loan/Lease Calculator, developed by Gilbert Farabaugh, is a must-have app. With this app you can research cars before you go to the lot, prepare your lease or buy strategy and easily adjust the costing parameters on the fly.
The first step to buying any car is research. Using this app you can easily go to top automotive sites like Auto Blog, Car and Driver, Cars.com, Edmunds and Cars for 1K – for you frugal buyers. Once you have selected the car of your dreams (or your budget), you can move on to the calculator portion of this app. How much is this vehicle going to cost you?
I found the data entry portion of the Auto Loan/Lease Calculator easy and fun to use. You tap the amount field and a keyboard pops up for data entry. Or, you tap the circle next to the field and then you can toggle the dollar amount up and down to see how it affects your payment. You will need to add the interest rate, term length (number of months), down payment and sales tax. There is also space to enter your trade-in, if you have one. Once all the data is in you can select any of the fields and toggle them up and down to see how it effects your monthly payment.
On the other hand, you could just decide how much you want your monthly payment to be and let the app tell you how much you can afford. You can enter the same type of information in the lease calculator to see how that shapes up.
You can create a loan summary that shows you payment-by-payment principle, interest and balance. You can also email yourself or your financial adviser a summary of the loan.
The display itself is easy to read and simple to navigate. You can shake your iPhone to change the color of display. That does not change its usability, but does add a little fun factor.
Now, armed with the financial facts you can head to the dealer (or online resource) and adjust your numbers as you find cars that appeal to your pocket and your heart. I cannot imagine taking a big step like buying a car without a tool like this. As it happens, I am in the market for a car and this app will definitely be coming in handy.
Car Loan/Lease Calculator is compatible with iPhone and iPod Touch and requires iPhone OS 2.2.1 or later.