How it works
This calculator shows you all the values you could negotiate a loan to come out to the same total cost. For example if you had 15k to spend, you could buy a 15k loan at 0% interest, but you could also buy a 14125 loan at 2% interest and still pay the same. Heres a sweet tip for you though. You always want the higher rate loan with the lower principle. Here's why. If you can pay *any* extra, your money goes further, because each dollar has a huge impact. If you have a 15k loan at 0% interest, any extra payment simply shortens the loan duration, but the total amount you pay is the same. If you have a 14k loan with 2% interest, if you pay extra it causes your total cost to drop.
Furthermore, even more awesome suppose you want to buy a car (with cash) that's listed as 15k, you may be able to negotiate them to give you a slightly higher interest rate but drop the principal (you know "so youre significant other doesn't get offended you spent *so much* on a car"). Then month 1 you just pay the entire loan off. Sure you'll pay a few bucks for the interest on month one, but you just saved yourself nearly a cool grand (assuming say you dropped a 0% loan to 2% loan).
Ok so that's the first line but what is the second line? Well this line is very similar to the first but instead of say 15K at a 0% interest rate as the start, we look at what loan could we get at 0% that has a principal of 15k at 10% (ok so what I was considering "worst case", though I suppose there are much worse loans out there, I assume *most* max out at 10%). This is very similar to before but again lets say you have 15k to buy, and there is a car at 20k and 0% interest could you negotiate down to 15k and a 10% loan. Now you save yourself a cool 5k here!
You see banks want principals to go up and %'s to go down. The above is a great example of why. If you have a nearly 0% interest rate, you'll pay interest for nearly the entire loan (and they'l make boats and boats of cash) and even if you pay extra you'll lose.
When you are purchasing from a place that does financing this can work. If the financing and the owner are separated, this technique doesn't work. For example buying a house, *unless* the person selling you the house is willing to offer a lower principal balance with a higher interest rate and they're "loaning" you the money, you may be able to make a deal (though I imagine with a loan that size they're not likely to consider that).
Funding
I don't like ads, and perhaps someday I'll setup a credit card processor, but at some point... someones getting hands on our money. I think that Crypto Currency is a good way to keep ownership of our money. I'd love if you tipped this site to keep it running! Alternatively I get $10 if someone I refer signs up so you could go signup at coinbase here
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