Like the Basic Car Lease Calculator, RateMyLease, the Advanced Car Lease Calculator will instantly rate your lease deal. The difference is that the advanced version will actually calculate your monthly car payment for you. Simply enter the MSRP, residual value, money factor and your downpayment/trade-in. The advanced car lease calculator will provide you with your monthly payment, average or effective car payment, LVR, and the rating.
Why two Car Lease Calculators?
The basic car lease calculator is the fastest, most simple way to get a rating on a lease quote from your dealer. It is not nearly as convenient to come-up with lease jargon figures such as money factor and residual value. On the other hand, monthly payments, cap reductions, MSRP, etc., are numbers that are always readily available to us if and when we need them. There are times when it helps to know these figures and compare the monthly payment to the dealer’s quote to see if things add-up as they should. Besides that, some of us genuine leasing and financial geeks really like to see the nitty-gritty, numbers and plug them into the formula. Watching the way lease calculations work is not only a bit entertaining, but educational and helpful in learning how the entire car leasing industry works. By experimenting with Money Factor, Residual Value, and Cap Cost, you will quickly come to appreciate what goes into making a sweet car lease deal.
When you just want a quick and convenient way to rate your lease, the Basic Car Lease evaluator makes it simple. The advanced version gives you the freedom to experiment. It takes a little bit more time and research, but allows you to get an accurate monthly payment and compare it to the real deal.
Feel free to use both car lease calculators.