this post was submitted on 11 Apr 2024
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[–] [email protected] 20 points 7 months ago (4 children)

I recommend that anyone buying a car that they'll have to finance bring in a laptop with an amortization schedule up and ready to go to the dealership. Dealers don't want to talk about the total cost of the car. They only want to talk in monthly payments. They'll sometimes offer cashback in order to get you to agree to a higher interest rate. If you don't have an amortization schedule handy, you're not going to be able to do that math and figure out if you're getting a good deal or getting scammed.

If you don't know what an amortization schedule is, then Google it and play around with one before you go in to buy a car. You only need to plug in a few variables - purchase price, number of months for the loan, and interest rate. That will allow you to see your monthly payment and what you're paying in interest.

If you can't do that simple thing, then don't finance a car.

[–] [email protected] 13 points 7 months ago (1 children)

you don't even need a laptop for that nowadays; you can pull up such a thing directly on your phone.

[–] [email protected] 6 points 7 months ago (1 children)

True, but in my experience a laptop forced you to take your time a bit and see the bigger picture. Also it lets the dealer know that you are not fucking around.

[–] jpreston2005 9 points 7 months ago (1 children)

I knew this big clunky ass gaming laptop would come in handy someday. The RGB lights really communicate that I'm no man to be trifled with

[–] [email protected] 3 points 7 months ago

Hell yeah. You see a man with RGB and you know he means business.

[–] Got_Bent 7 points 7 months ago (1 children)

Probably the most valuable thing I learned in school was how to build amortization schedules. I've used it on vehicles, student debt, and mortgage. It's really helped me win the "stop paying unnecessary interest to others" game.

[–] [email protected] 3 points 7 months ago

Same here. I've forgotten probably 90% of what I learned in school, but amortization schedules have stuck with me because they're such a necessary part of life.

[–] jeffw -3 points 7 months ago (2 children)

In response to an article about how poor people are trapped by loans… you recommend that? Really?

[–] [email protected] 10 points 7 months ago (1 children)

Absolutely. Did you read the article? The people interviewed explicitly say that they don't know anything about interest rates and how financing works. One guy had a 75% interest rate because he apparently had no idea what that meant he would be paying , which is several times the price of the car.

If you're going to finance a car, you need to arm yourself with the tools to figure out what that is going to cost you. Go in prepared. Don't count on the dealer telling you the numbers, because they are not on your side. They are trying to hide that information from you to get you to agree to something for their benefit.

[–] blurg 1 points 7 months ago (1 children)

And what would be better recommendations for the poor individuals trapped by loans?

[–] jeffw 1 points 7 months ago (1 children)

Regulatory reform? Not “just go buy a laptop and study amortization before you buy”.

[–] blurg 1 points 7 months ago (1 children)

Yeah, that sounds reasonable in the long run (years), while the laptop plan is more immediately useful.

[–] jeffw 1 points 7 months ago

Yes, telling poor people to buy laptops is so practical