Frequently Asked Questions:
- Why can’t I edit the Total Value field?
- Press the opposite-arrows button to swap the Monthly Payment field to the top. Once you do this, all numbers entered will calculate the top number.
- What should I put in each of the fields on the main page?
- Touch that field, then a “…more about this??” link will appear. Touch the link and there will be 3 helpful things – an integrated video, blurb, and link to relevant articles on our blog.
- Where can I find the amortization schedule for my loan?
- Once you enter enough information on the front page, there will be a big green number on that page. Press the “report” button, and you’ll see a page with a graph. Touch the graph and run your finger across the graph to see each amortized payment amount.
- The amortized payment amounts don’t match my lender’s statement exactly – are they wrong?
- Lenders can compound interest more/less often, and finding that information is not a beginner’s task. Also, months have different numbers of days. Loan Sense doesn’t have that information and can’t perform the exact same calculations as your lender – ours our very close each month and the totals will be correct overall.
- Screenshots show the 2-week method – how do I get there?
- That functionality can’t universally be applied to leases, and has very limited value on short-term loans so it’s not provided in either of those cases. On the Report page (with the graph) touch the “Want to save some money?” link and some extra fields and another graph will appear.
- How do I see the savings from extra payments?
- That functionality can’t universally be applied to leases so it’s not provided for those loans. On the Report page, immediately under the graph, there’s an Extra Payments field – touch the field that says ‘None’ until your extra payment frequency is correct [None / Once / Monthly / Yearly].
- From the video on the About page – did your coworker keep paying $915 for his car?
- Yes, until he sold it for a more expensive one. Now $950.
- I’m leasing and the dealer is only giving me a “Money Factor” instead of APR – where do I put that?
- Put that number in the APR field. The App will convert it for you. While you’re in that field, touch the “…more about this??” link and we’ll show you a calculator to do the conversion between APR and Money Factor.
- Your videos suck.
- Unfortunately that’s correct. If you make a better and more engaging one, send it to us over Twitter – we will watch it, and you could earn a place within the Loan Sense App. We’re going to watch them, so we sincerely hope your videos suck less than ours do.
Contact us via the social media links at the bottom of the main page. Let us know if there’s something wrong with the App, to suggest enhancements, or for anything else. We’d love to hear from you.