Paying for a car lease can be a difficult proposition, but car lease finance has been made easier in recent years with the development of online car lease calculator pages that help you to determine how to finance your lease. These online calculators will assist you in determining the best car lease rates and financing plans for your budget and vehicle. Of course, your individual situation will still be subject to the specific car lease terms relevant to your lease, so you’ll have to check in with your leasing agent or company for an accurate assessment of the online car lease calculator. Calculating your lease finance information with one of these calculators is a straightforward process that typically takes just a few minutes. Read on for a set of steps on how to use a car lease finance calculator.
Step 1 — Find a Good Online Calculator
LeaseGuide is one of the most popular online car lease calculators, but there are a number of other calculators available as well. Do a bit of searching on the Internet until you find a calculator that appears to be straightforward. You can navigate successfully and with full understanding.
Step 2 — Collect the Pertinent Information
Before you begin, it will be easiest if you collect a series of numbers and other data that will be relevant to your particular car and lease. These are the bits of information that you’ll have to later input into the calculator’s database in order to get your lease finance results, so it’s easier to gather up all of this information before you begin.
The information you’ll need in order to complete the process of using a car lease finance calculator is the MSRP of the car, the base capitalized cost, any of the costs added to the lease (like insurance, for instance), down payments or any other cost reductions that you’ve already paid for, the residual value of the car that is anticipated for the value of the vehicle at the end of the lease term, the money factor (set by your lease company), the term length of the lease and any sales tax on the lease.
You can find the MSRP for a vehicle listed on the sticker on the window of the car or online. The base cap cost is the price of the vehicle that you negotiate with the dealer. Down payments, credits you receive for exchanging an older vehicle and any other reductions work to offset the additional expenses you make on the car. For an estimate of the residual value of the vehicle, consult with sources online or speak with a leasing agent.
Step 3 — Input the Data into the System
Simply follow the instructions of the online car lease finance calculator to input the data you’ve collected previously into the database. The calculator will determine your annual or monthly payments for the lease and provide you with a brief explanation of how it determined these values.