Check quotes from different salespeople. Below is a guide to using the lease calculator and the best way to interpret the results. The calculation that produces a monthly lease payment contains many figures.
Some you can negotiate, others are set by the lender, and others are up to you. However, these four figures have the biggest impact on your monthly payment:. The negotiated sale price of the car. The resale value of the car, which is its predicted value at the end of the lease. Sale price of the car: Even though you're not actually buying the car, you can negotiate the sale price to lower your monthly payment. For an estimate, look up the current market value of the car on one of the pricing guides, such as Edmunds.
With a higher resale value, you're on the hook for less since you pay only for the value you use. Eventually, you'll get the specific residual value from the dealer. Conversely, you can convert a lease factor to an interest rate by multiplying it by 2, The rate you get is based on your credit score. Different lenders leasing companies will offer different interest rates. Length of the lease: Car leases usually last 36 months, which is how long most extended warranties last.
However, you can find leases for only 24 months and even 38 or 40 months. You could be on the hook for more service costs, buying new tires and costly repairs. There are other factors that alter the monthly payment, some of which you choose and others that the leasing company sets. Drive-off fees: This is similar to a down payment when you buy a car. Making a higher payment upfront will reduce your monthly payment but it will also reduce your cash flow for other things, such as investments.
Also, unlike when you buy a car, you're not building equity in the vehicle. Websites such as Edmunds. Included miles: Most lease contracts allow 12, miles a year. However, some leases now allow only 10, miles, or fewer, which provides less value and should result in a lower monthly payment. Always check to see how many miles are included with the lease. Now that you have all the information you need, you can estimate your monthly payment.
Plug in the figures that best suit your financial situation and lifestyle. Input different drive-off amounts and see how it changes the monthly payment. But remember not to put too much money down, because that defeats one of the advantages of leasing, which is to preserve cash flow.
One scenario. By checking pricing guides on Edmunds. Decide how much you want to budget for a down payment, or drive-off fees. Enter your local sales tax. If you're leasing in another state, enter its sales tax. Enter the interest rate as a whole number, not a decimal. My Home. Log in. Sign up. Monthly debt. Down payment.
Credit score. Excellent Good Fair Poor. Yes, I or my spouse served in the U. Estimate home price range. Get pre-approved Confirm your affordability with multiple lenders Get pre-approved. Annual income. View more rates. Know how affordability is estimated Learn tips and terms related to affordability. As you set out on your home search, it is important to know the following: What kind of home you want and can afford How much your monthly payments will be How much you need to save for a down payment.
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