How do you do a quick calculator figure to determine an auto loan interest rate?

Sunday, August 9th, 2009 at 01:41

Mimi asked:

Will be buying a car soon and I have two questions, 1) Can anyone tell me how to figure the interest rate I'll be paying on a calculator. I want to be able to determine at the dealer and I know they aren't always upfront with the interest rate which is why they try to get you to negotiate the monthly payment as opposed to the price of the car. 2) Most dealers say the internet price on a used car is the lowest available, is this true? Or is there always room to negotiate? I pulled drugs online the value of that particular car on KB and the internet price is the same as "what you can expect to pay to a private party". Still I want to offer a lower price, am I being reasonable?

Reply:

For a good description of a simple interest loan as well as how each payment is broken down,

http://www.bankrate.com

Finance your car here onsite if you need help buying one of these beauties :)