Lease -vs- Loan Calculator
Our Lease vs. Loan Calculator can help you decide which option
will better suite your needs by comparing the costs associated
with each option.
- • Enter ballpark values by clicking on and dragging
the diamond-shaped sliders left or right. Enter exact numbers
by clicking on the number in the box on the right and type
your number (no commas).
• The results of your calculations show in the box
at the bottom of the calculator.
General Information MSRP
This is the Manufacturer Suggested Retail Price, it is also
referred to as the list price.
Purchase Price
You can enter in the price that you agree to pay for the automobile
after negations with the dealer. This price is used in both
the lease and the loan options.
Sales Tax
Just enter the sales tax rate in your area.
Savings Rate
Enter the interest rate you earn on your savings account to
see what you would have earned if you had kept the money in
an account instead of paying for the vehicle.
Loan Information Down
Payment
This is the amount required by the lender plus any extra amount
you decide to pay at the beginning of the loan to reduce your
monthly payments. You are not required to pay extra but the
larger your down payment, the less your monthly payment will
be.
Loan Rate
This is will show you how the interest rate charged by the
lender can affect the amount of your monthly payment as well
as the total amount of interest you pay over the life of the
loan.
Loan Term
You can choose the number of months you want your loan to
last.
Lease Information Cash
Down
This is the amount required by the leaser plus any extra amount
you decide to pay at the beginning of the lease to reduce
your monthly payments. You are not required to pay extra but
the larger your down payment, the less your monthly payment
will be.
Fees
These include all of the non-refundable fees you will pay
at the beginning of the lease.
Security deposit
This is the amount you pay as a security deposit at the start
of the lease, which can be refundable.
Lease Rate
This amount is included in you monthly payments and is set
by the lessor for the use of the property.
Lease Term
Enter the number of months that you want to lease the vehicle.
At the end of the lease you will have the option of either
buying the vehicle or returning it to the lessor.
Graph Our graph is an excellent
tool to see the difference in the cost between a lease and
a loan. You can also compare the cost of ownership for a particular
year by grabbing the black diamond at the bottom right of
the x axis on the graph and sliding it to that year.
Results Our results box will
show the comparison between the lease and loan that you are
considering so you can easily see which option will save you
the most money.
Click
Here to open the Lease vs Loan Calculator |
