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Should you lease or buy a car? Use this calculator to calculate your monthly payments and total net cost. By comparing these amounts, you can determine which is the better for you.
Vehicle Purchase Price
Enter the purchase price of the vehicle.
Sales Tax Percent
Enter the automobile sales tax rate for your state. Depending on your state, this may vary from 0% to 8%.
Rebate
Enter any rebates offered by the dealer.
Title & Registration Fees
Enter title and registration fees for your state. These fees depend on many factors including the type of car, year, state, # of axles, etc.
Interest Rate
Enter the interest rate for the auto loan.
Loan Down Payment
Enter the down payment you plan to make on the loan.
Cash Down (Capital Reduction)
Enter the cash you put down for the lease. Also known as capital reduction.
Monthly Lease Payment
Enter the total montly payment on the lease.
Other Lease Fees
Enter any other lease fees.
Loan Information
Loan at Months
Lease Information
Total Lease Payments
Total cost of all lease payments made over the term of the lease.
Total Lease Cost
Total cost of the lease including all payments, deposits and fees.
Yearly Lease Cost
Yearly cost of the lease. Total cost divided by lease term.
Total Loan Payments at end of Lease.
Total loan payments made up until the end of the lease term. To compare the lease against the loan we total the loan data up until the end of the lease.
Down payment for the loan.
Loan Balance
Loan balance remaining to be paid at the end of the lease term. Assumes you haven't made extra payments.
Vehicle Value
Value of the vehicle at the end of the lease term using the depreciation selected. This value is subtracted from total loan costs (total loan payments, down payment and loan balance) to determine the adjusted loan cost.
Adjusted Loan Cost
This value is used to compare the cost of the loan to the cost of a lease at the end of the lease term. If the lease term is less than the loan term the loan costs are taken at the end of the lease term. For example, if the loan term is 48 months and the lease term is 36 months the loan costs are taken after 36 months. Vehicle value is subtracted from total loan costs (total loan payments, down payment and loan balance) to determine adjusted loan cost.
Yearly Loan Costs
Yearly cost of the loan until the end of the lease term. Adjusted Loan Cost divided by lease term.
Not a credit union member? You are probably eligible to join one. Find yours at www.CULookup.com today!
About.com - "Should you buy or lease a car?" provides an FAQ to help you determine the best choice for your situation.
Kelly Blue Book will help you find out what your prospective car or truck is worth. Don't overpay! Get the facts before you head to the dealer.
Car Financing With a Credit Union Because credit unions are member-owned and member-operated, they pay-it-forward to members in the form of better interest rates and lower fees (instead of sending profits up to shareholders, like at a bank.).
