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Save On Your Wheels!
Save Money And More With
Purposes Of The Application
Use the "Save On Your Wheels!" application while you're looking for that amazing new vehicle.
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Using The Application
To use this application:
- Use this app while you're starting your search. See how much your monthly payment will be for a loan given the prevailing interest rates in your area.
- Take your tablet with you while you're out looking for the car or truck of your dreams. When you find one you like, you can snap pictures of it and email them to your spouse and friends--just to show off what you've found. And while you're at it, you can see how much the monthly (interest and principal) payment will be and email that to information as well.
- Once you've found that dream car or truck and know how much it's going to cost, you can shop the interest rate with several lenders in the area. (Be sure to see our Information Section below for more on this.) It's easy to use this app to see how much a half-percent cut in the interest rate will save you. (Betcha you'll be surprised!) This application will let you make these comparisons in a minute or two so you can know what's best for you rather than for the lender. (Read more about loan times and early payoff below.)
- Finally, take a few minutes and use the application to run a few early payoff scenarios. Can you pay a little extra each month? How about your annual bonus or income tax refund (if there is one--could you use part of that to make an extra payment?) Play "what if I" scenarios for a few minutes and see how you can, literally, save hundreds, even thousands of dollars. And, you'll see that you get out from under the loan in a much shorter time.
Because the tool allows you to play "what if" games with paying the loan early, it can show you how to save a great deal of money on your loan. (Be SURE to read the section
"Pay It Off Early" below.)
Once you've generated a full amortization chart, you can use the "What-If"
button to see how much difference extra principal payments, even
small ones, can save you over the life of your loan.
You'll find this to be the most important part
of using our Save On Your Wheels! application, so be sure to look into it and you'll be surprised at how much
more quickly you'll get out from under your loan and at how much you can save. And you'll find the What-if Graph button produces a quick,
easy-to-understand visual of the what-if's you've run along with a legend to
explain the graph.
By now, you've probably noticed camera and photo buttons at the upper-left
(on the App bars you saw after double-clicking the screen). If you have a
built-in camera, give Save On Your Wheels! permission (see Permissions) to use your
web-cam. Then you can use it to take photos of vehicles you like, or
you can select an existing photo. You can then email your photo or share
them with some of your other programs.
Finally, notice the photo-reset button. It resets Save On Your Wheels! to take other photos.
In a similar manner, the Discard button will reset the loan amortization chart and
the photo section at the same time.
Enter the amount you need to borrow rounded to the nearest whole dollar. Only enter numbers 0-9, no decimal, commas, or other symbols.
Enter the month and year when your first loan payment will be made. Enter the month as 1-12.
- Enter the interest rate percentage you'll be paying for the use of the money you're borrowing. This should be entered as 99.9 or 9.9 e.g.,
3.9% would be entered as simply 3.9 with no percent mark.
- Finally, you must either select the number of years that repayment will require in the drop-down box, or you can move to the open entry box just
to the right and simply enter the number of months for the loan. NOTE: If you're not using one of the so-called standard pay-back periods,
you may HAVE to enter the number of months and this is normal.
- When you have entered the number of months, simply TAB to the next input block. The monthly payment amount for principal and interest will
be waiting for you. Notice that you can right-click the screen to pull up App-Bars. In the
right-top corner you'll find a button to "Copy Chart to Clipboard" and another
to "Email-chart." Both of these will work at this point. In the lower-left part
of the screen you'll see a "Full-chart" button. Click it and the full amortization chart will be generated and shown.